WindowMaster International A/S issues warrant program
TUESDAY, OCTOBER 27, 2020 12:00 CET MUST NOT BE PUBLISHED, DISTRIBUTED, OR SUPPLIED OR PARTICULAR, DIRECTLY, OR INDIRECTLY, IN OR TO US, AUSTRALIA, CANADA OR JAPAN.
27. oktober 2020
Company Announcement No. 4-2020
Copenhagen, October 27, 2020
The Board of Directors of WindowMaster International A/S has today decided to exercise part of its authorization to issue and grant warrants (share subscription rights), and has thus issued a total of 725,102 warrants, each of which can be exercised to subscribe for one share of nominally DKK 1 in the company. The Board of Directors is authorized to issue a total of DKK 1,439,923 warrants.
Issuance of warrants has taken place in order to retain and motivate key employees, to honor already performed tasks and work as well as and in order to increase focus on the long-term value added of the company for the benefit of all stakeholders.
The distribution of warrants is as follows (as also described in the Company’s company description of October 6th, 2020):
|Receiver||Number of warrants
||Exercise value (nominal value of DKK 1 per Share)||Ordinary excercse period|
|Erik Boyter||217,531||10.42||August 31st, 2023 to August 31st 2025|
|Steen Overgaard Sørensen||181,276||10.42||August 31st, 2023 to August 31st 2025|
|Other management employees (7 in total):||326,295||10.42||August 31st, 2023 to August 31st 2025|
A warrant holder may exercise warrants during a period of 14 days following publication of the company’s annual reports and semi-annual reports in the years 2023, 2024 and 2025.
The warrants can only be exercised once within the exercise period. Warrants can be exercised partially, after which all unexercised warrants will lapse immediately without further notice or compensation.
It is a prerequisite for the exercise of warrants that the warrant holder is employed by the company or a group company on the exercise date.
At the same time, the Board of Directors has adopted the terms of the capital increases of up to nominally DKK 725,102 arising from the exercise of the warrants.
The complete terms and conditions applicable to the warrants are included as an appendix to the company's articles of association.
The theoretical market value of the warrants is estimated as follows based on the Black Scholes model and the following:
- Spot price: DKK 10.42
- Exercise price: DKK 10.42
- Risk-free interest rate: -0.4%
- Volatility: 23.5%
- Time to expiration: 3-5 years
- Dividend: 0 kr.
- Value per. warrant: DKK 1.7
For further information:
CEO, Erik Boyter
M: +45 4035 0267
WindowMaster International A/S
Jesper Skaarup Vestergaard
Direct(+45) 35 27 50 11, Mobile (+45) 31 79 90 00
2100 Copenhagen Ø