Helsinki, Finland, 2016-11-21 12:00 CET (GLOBE NEWSWIRE) -- Ixonos Plc Stock Exchange Release 21 November 2016 at 13:00
IXONOS PLC’S OPTION PLAN 2016 AND LAPSE OF UNDISTRIBUTED OPTION RIGHTS UNDER OPTION PLAN V
Option plan 2016
On 21 November 2016, the Board of Directors of Ixonos Plc (“Ixonos” or “Company”) decided to issue option rights on the basis of an authorisation granted by the Annual General Meeting held on 7 April 2016.
The option rights will be distributed as determined by the Board of Directors to key persons employed or recruited by a company belonging in Ixonos Plc's group for the purpose of improving their commitment and motivation.
The option rights will be marked as series 2016A, 2016B and 2016C. The maximum amount of option rights issued is 35,356,560, and they entitle to subscribe altogether a maximum of 35,356,560 of new Company shares. The Board of Directors may decide on any additional conditions related to the receipt of option rights and on the redistribution of option rights that later revert back to the Company.
Each option right entitles its holder to subscribe for one new Ixonos share. Shares subscribed on the basis of the option rights represent, on 3 November 2016, altogether a maximum of approximately 10 per cent of all Company shares and votes, corresponding to a dilution effect of approximately 9 per cent.
The subscription period for shares subscribed for under option rights 2016A starts on 1 October 2017 and ends on 30 September 2018. The subscription price of a share subscribed for under option right 2016A is EUR 0.08, which corresponds to the weighted average price of the Company’s shares quoted on Nasdaq Helsinki Ltd (“Helsinki Stock Exchange”) between 18 May and 18 November 2016 rounded up to the nearest cent.
The subscription period for shares subscribed for under option rights 2016B starts on 1 October 2018 and ends on 30 September 2019. The subscription price of a share subscribed for under option right 2016B is the weighted average price of the Company’s shares quoted on the Helsinki Stock Exchange between 1 July and 31 December 2017 rounded up to the nearest cent.
The subscription period for shares subscribed for under option rights 2016C starts on 1 October 2019 and ends on 30 September 2020. The subscription price of a share subscribed under option right 2016C is the weighted average price of the Company’s shares quoted on the Helsinki Stock Exchange between 1 July and 31 December 2018 rounded up to the nearest cent.
The subscription price may be decreased by, inter alia, the amount of dividends paid and may also otherwise be subject to revision in accordance with the terms and conditions. The subscription price, however, may never be lower than EUR 0.01.
The complete terms and conditions of the option plan are appended to this stock exchange release and available on the Company’s homepage at http://www.ixonos.com/fi/investor/shares/option-schemes.
The theoretical market value of the incentive scheme is approximately EUR 1.2 million, which is recognised as an expense in accordance with IFRS 2 for the years 2016-2020.The write-down is not based on cash flows.
The theoretical market value of the option rights has been calculated using the Black & Scholes model.
Lapse of Company’s undistributed option rights under option plan V
The Board of Directors of the Company has found the option rights 2014A, 2014B and 2014C under option plan V to have lapsed insofar as they remain undistributed. Out of the options belonging in the Company's option plan V, only option rights belonging in 2014A series have been distributed.
IXONOS PLC
Board of Directors
For more information, please contact:
Ixonos Plc
CEO Sami Paihonen,tel. +358 50 502 1111, sami.paihonen@ixonos.com
Distribution:
NASDAQ OMX Helsinki
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