To NASDAQ OMX Copenhagen A/S
Copenhagen, Denmark - 30 January 2009 - TopoTarget A/S (OMX: TOPO) has
announced that 1,272,500 warrants have been issued to Employees, Management and
the Board of Directors in Denmark, the UK and the US.
On 30th January 2009 the board of directors of TopoTarget A/S approved a new
warrant programme pursuant to the authorisation provision in article 6b of the
company's articles of association.
The programme comprises a total of 1,272,500 warrants, of which 852,500 will be
issued to employees, 345,000 to the company's executive management and 75,000
will be issued to the company's board of directors. The aim of the issue is to
give an incentive to individuals covered by the programme to work towards a
positive business performance and, by extension, an increase in the company's
value and the market price of the company's shares.
Each warrant entitles the holder to subscribe one share of nominal DKK 1 in the
company against cash contribution of DKK 4,40. The exercise price corresponds
to the average price of the company's shares over the last ten trading days
prior to the issue. Using the Black-Scholes model, the market value of the
warrant programme can be calculated at DKK 2,47 per warrant. The calculation is
based on a volatility of 55,25% and a risk-free interest rate of 2,79%.
The warrants vest in blocks of 25%, 25% and 50% on 29th January 2010, 2011 and
2012 respectively. Warrants may be exercised within a period of seven years
from the date of grant. The exercise period for each block is fixed at fourteen
days after the publication of the company's annual report for 2009, 2010 and
2011 and thereafter fourteen days after subsequent full-year and half-year
reports. The last exercise of the granted warrants has been fixed at fourteen
days after the publication of the company's annual report in 2016.
In accordance with Section 28a of the Danish Securities Trading Act, the
company hereby makes public that the following members of the company's board
of directors and management received warrants:
Board of Directors:
Håkan Åström (25.000 warrants)
Jesper Zeuthen (10.000 warrants)
Jeffrey H. Buchalter (10.000 warrants)
Anders Gersel Pedersen (10.000 warrants)
Ingelise Saunders (10.000 warrants)
Torbjörn Bjerke (10.000 warrants)
Management:
Peter Buhl Jensen, CEO, (135.000 warrants)
Tim Corcoran, CFO, (150.000 warrants)
Maxwell Sehested, CSO (60.000 warrants)
TopoTarget A/S
For further information, please contact:
Peter Buhl Jensen Telephone +45 39 17 94 99
CEO Mobile +45 21 60 89 22
