Borregaard: Share options issued
27.10.2015: Borregaard ASA ("Borregaard", OSE ticker: BRG)
Borregaard's Board of Directors has decided to issue 500,000 share options in accordance with the proxy given by the Annual General Meeting held on 15 April 2015.
The options will expire after five years (27 October 2020), and may be exercised in the last two years. The strike price of the options is NOK 51.49. It is based on the volume weighted average share price during the first three trading days after the announcement of the 3rd quarter 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 27 October 2015 (new options in parenthesis):
Per A. Sørlie holds 370,000 options (60,000) and owns 110,987 shares
Morten Harlem holds 85,000 options (45,000) and owns 45,084 shares
Tom Erik Foss-Jacobsen holds 60,000 options (30,000) and owns 34,740 shares
Per Bjarne Lyngstad holds 70,000 options (30,000) and owns 52,721 shares
Tuva Barnholt holds 50,000 options (25,000) and owns 28,293 shares
Sveinung Heggen holds 50,000 options (25,000) and owns together with related parties 4,209 shares
Ole Gunnar Jakobsen holds 56,300 options (25,000) and owns 27,488 shares
Gisle Løhre Johansen holds 50,000 options (25,000) and owns 29,184 shares
Dag Arthur Aasbø holds 62,500 options (25,000) and owns 39,721 shares
The total number of outstanding share options is now 1,458,800, equivalent to 1.46% of the number of shares (including 777,883 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.