Solar’s Board of Directors will grant a total of some 26,000 share options to its Executive Board and Management Team in 2014. The total market value of these options is estimated at approx. € 0.3m.
The Board of Directors will again grant options to the Executive Board and Management Team in 2014. The exercise price will be fixed at the average price on NASDAQ OMX Copenhagen for the first 10 business days after publication of Annual Report 2013 on 5 March 2014.
Grant date is 19 March 2014 when the exercise price will also be calculated. The number of options will not be fixed until this date but is expected to total some 26,000 share options, including the Executive Board’s share. The Board of Directors intends to grant options again next year.
Market value Total market value of the granted options is estimated at approx. € 0.3m, calculated using the Black-Scholes model with a volatility of 34% (based on the past 36 months), an interest-rate level of 4%, a share price of DKK 350 and subject to the condition that granted options must be exercised in March 2017. The valuation takes into account future dividend distribution, corresponding to 2% of the share price.
Exercise of share options Share options issued in 2014 can be used to acquire shares in the company in 2017 and 2018. However, exercise can only be made within the first 10 banking days following publication of the company's annual reports for 2016 and 2017, respectively.
Exercise of share options is conditional on the individual employee not having resigned from the group before the exercise date.
Background on Solar’s incentive scheme In 2006, the Board of Directors established an incentive scheme for the Executive Board, extending the scheme to cover the Solar Group’s Management Team in 2008. Under this scheme, share options are granted that entitle the holder to buy shares from the company's holding of treasury shares. The reason for establishing the scheme was a wish to involve leading employees more in the group and to create a share price-dependent incentive for participants, thus enhancing agreement between the interests of shareholders and participants. As at 31 December 2013, share options outstanding totalled 97,807.
Yours faithfully Solar A/S
Jens Borum Chairman of the Board of Directors
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 Faroes, Sweden, Norway, the Netherlands, Belgium, Germany, Poland and Austria. In 2013, Solar Group revenue totalled € 1,531.5m, equating DKK 11.4bn. The group currently has some 3,300 employees.
For more information, please visit www.solar.eu.
Disclaimer This announcement was published in Danish and English today via NASDAQ OMX Copenhagen. In case of any discrepancy between the two languages, the Danish version shall prevail.
