Borregaard ASA: Share options issued

13.02.2020: 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 11 April 2019. The total number of options issued is 400,000.

The options will expire after five years (13 February 2025), and may be exercised in the last two years. The strike price of the options is NOK 104.40. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2019 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. 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.

The primary insiders granted stock options today have the following holdings of options and shares in Borregaard after the new share options were issued (new options in parenthesis):

Per A. Sørlie holds 300,000 options (60,000) and owns 157,649 shares
Tom Erik Foss-Jacobsen holds 87,000 options (30,000) and owns 38,071 shares
Per Bjarne Lyngstad holds 107,000 options (20,000) and owns 56,052 shares
Sveinung Heggen holds 85,000 options (15,000) and owns together with related parties 16,560 shares
Ole Gunnar Jakobsen holds 70,000 options (20,000) and owns 30,819 shares
Gisle Løhre Johansen holds 65,000 options (20,000) and owns 21,055 shares
Kristin Misund holds 37,000 options (15,000) and owns 58,726 shares
Liv Longva holds 45,000 options (15,000) and owns 7 358 shares
Dag Arthur Aasbø holds 85,000 options (15,000) and owns 50,552 shares

The total number of outstanding share options is now 1,739,000, equivalent to 1.74% of the number of shares (including 364,420 treasury shares) in Borregaard.

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.