Solar’s Supervisory Board will grant a total of 40,271 options in 2012. The total market value is € 0.5m.
The Supervisory Board will grant options to the Executive Board and management team again in 2012. The exercise price is fixed at DKK 314.27 based on the average price on NASDAQ OMX Copenhagen for the first 10 business days after publication of Annual Report 2011. 40,271 options will be granted in 2012.
Market value
The market value of the options granted has now been determined at € 0.5m. Market value is calculated using the Black-Scholes model with a volatility of 40% (calculation based on the past 36 months), an interest-rate level of 4% and a share price of DKK 314.27. The grant is governed by the provision that options granted will be exercised in March 2015. The measurement takes into consideration future dividend distribution of 3% of the share price.
Background information about Solar’s incentive scheme
In 2006, the Supervisory Board set up an incentive scheme for the Executive Board, adding the Solar Group management team to the scheme in 2008. The scheme is based on options that entitle the holder to buy shares from the company's holding of treasury shares. The reason for introducing the scheme was to seek to bind employees closer to the group and create a share price-dependent incentive for participants, thus enhancing agreement between the interests of shareholders and participants. Today, share options outstanding total 90,949.
Yours faithfully
Solar A/S
Jens Borum
Chairman of the Supervisory Board
Solar facts
Solar A/S was established in 1919 and listed on the Copenhagen Stock Exchange in 1953. Solar is one of Northern Europe’s leading technical wholesalers within electrical, heating, plumbing and ventilation products. The group based in Kolding, Denmark, has subsidiaries in Denmark incl. the Faroe Islands, Sweden, Norway, the Netherlands, Belgium, Germany, Poland and Austria.
Furthermore, Solar owns Aurora Group, a leading Scandinavian distributor of accessories for consumer electronics that operates in Denmark, Sweden, Norway and Finland. In 2011, Solar Group revenue totalled € 1,532.4m, equating DKK 11.4bn. The group has approximately 3,600 employees.
For further information, please visit: www.solar.eu.
