Herlev, 11 February 2009
Company Announcement no. 5/2009
Greentech Energy Systems A/S issues a warrant programme
Implementation of the warrant programme
On 11 February 2009, in accordance with the “General guidelines for incentive
pay” approved at the annual general meeting on 23 April 2008, the Board of
Directors of Greentech Energy Systems A/S resolved to exercise the authority
given at the annual general meeting held on 23 April 2008 to issue a warrant
program.
The Company finds that it is of great value that the warrant programme will
contribute to retaining the highly specialised staff while at the same time
supporting employee incentive and motivation.
The programme comprises 350,000 warrants, equal to 0.73% of the Company's issued
share capital, with each warrant entitling the holder to subscribe for one share
of DKK 5.00 nominal value in Greentech Energy Systems A/S. On exercise of the
warrants, the shares will be subscribed at the strike price, which is 20.20.
Using the Black-Scholes calculation model, the market value of the programme is
calculated at kDKK 2,772 based on an interest rate of 2.35% and a volatility of
the Greentech share of 70%.
The strike price amounts to 20.20 and is based on the listed price of Greentech
Energy Systems A/S at the end of 10 February 2009.
The warrants are granted to members of the Management Board, senior employees
and other employees of Greentech. The programme is distributed as follows:
• Management Board. 135,000
• Senior employees: 135,000
• Other employees: 80,000
The warrant programme does not comprise the Company's Board of Directors.
The warrants vest 24 months after they are granted provided that the employee is
still employed at the vesting date. The warrants may be exercised for 36 months
from the date of grant in two exercise periods of six weeks, corresponding to
the exercise periods of insiders. After exercise of the warrants, Greentech
Energy Systems A/S will apply to have the shares listed on Nasdaq OMX Copenhagen
A/S as quickly as possible.
Authorisation to implement warrant programme
The warrant programme is issued by the Board of Directors exercising the
authorisation given to it under Article 4c of the company's Articles of
Association, pursuant to which the Board of Directors is authorised in the
period until 1 January 2013 to issue warrants for up to DKK 5,000,000 nominal
value, corresponding to 1,000,000 shares of DKK 5.00 nominal value each.
When the warrant programme has been implemented, the Board of Directors is thus
authorised to issue warrants for up to DKK 2,250,000 nominal value,
corresponding to 450,000 shares.
Best regards
The Board of Directors
Further information:
Kaj Larsen, CEO Tel.:+45 33 36 42 02