Borregaard: Share options issued
07.02.2018: Borregaard ASA ("Borregaard", OSE ticker: BRG)
Borregaard's Board of Directors has decided to issue share options in accordance with the proxy given by the Annual General Meeting held on 20 April 2017. The total number of options issued is 400,000.
The options will expire after five years (7 February 2023), and may be exercised in the last two years. The strike price of the options is NOK 80.00. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2017 results with an addition of 10%. The strike price will be adjusted for dividend and equity transactions. The maximum annual gain is limited to twice the annual base salary for the CEO, and equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the Company, and the purchased shares will be locked for a period of three years. In addition, the members of the Executive Management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the CEO.
Primary insiders have the following holdings of options and shares in Borregaard after the new share options were issued on 7 February 2018 (new options in parenthesis):
Per A. Sørlie holds 240,000 options (60,000) and owns 146,421 shares
Morten Harlem holds 136,000 options (30,000) and owns 46,390 shares
Tom Erik Foss-Jacobsen holds 97,000 options (20,000) and owns 36,046 shares
Per Bjarne Lyngstad holds 97,000 options (20,000) and owns 54,027 shares
Tuva Barnholt holds 80,000 options (15,000) and owns 29,599 shares
Liv Longva holds 30,000 options (15,000) and owns 5,551 shares
Sveinung Heggen holds 80,000 options (15,000) and owns together with related parties 8,535 shares
Ole Gunnar Jakobsen holds 80,000 options (15,000) and owns 28,794 shares
Gisle Løhre Johansen holds 80,000 options (15,000) and owns 20,490 shares
Dag Arthur Aasbø holds 80,000 options (15,000) and owns 46,527 shares
The total number of outstanding share options is now 1,744,000, equivalent to 1.74 % of the number of shares (including 484,065 treasury shares) in Borregaard.
Contacts:
Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515
Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile +47 918 34 108
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.