Allerød, 2013-08-28 07:58 CEST (GLOBE NEWSWIRE) -- Matas stated in its offering circular published on 13 June 2013 that it expected to make a one-off share offering to its employees at a discount to market price. The Board of Directors of Matas has now resolved to make the employee share offering.
Up to 43,475 shares have been reserved to be offered to the employees of Matas. The shares to be offered have a nominal value of DKK 108,688 and represent 0.1% of the company's share capital. All permanent employees of Matas A/S, including of its Danish subsidiaries, in continuing employment at 1 September 2013 will be eligible to subscribe for shares in the offering. Each employee will be eligible to buy shares up to an amount corresponding to his or her gross monthly salary including pension, holiday pay, etc. Depending on the interest among eligible employees in buying shares in the offering, applications may be scaled back, or any additional shares may be allocated according to a plan of distribution to be determined by the Board of Directors of Matas.
The employee shares will have a nominal value of DKK 2.50 each and will be offered at a 20% discount to the market price of the shares, to be determined as the average of each trading day's turnover-weighted average price on NASDAQ OMX Copenhagen during the period from 28 August 2013 to 10 September 2013 inclusive. The expected proceeds to Matas assuming full subscription of the offering will be approximately DKK 4.8 million based on yesterday's closing price. Matas intends to cover the entire offering by treasury shares.
The employee share offering will commence on 16 September and close on 27 September 2013. The employee shares will be held in restricted accounts for one year from 1 October 2013.
Matas will pay all costs in connection with the offering, and the discount offered to employees in connection with the offering is expected to result in an operating cost of approximately DKK 1 million to be recognised in FY 2013/14.
The tax consequences to employees of buying shares in the offering and any later sale of such shares will not be covered by Matas.
Matas A/S
Contact:
Jesper Breitenstein Head of Investor Relations Tlf. 27 80 76 75
