4 January 2016
Announcement No. 02/2016
Since 1998 Topdanmark has had a revolving share option scheme for its Executive Board and a number of executives. As in previous years the strike price has been fixed on the basis of the price of Topdanmark's shares on the last trading day of the year (average of all trades).
Topdanmark has issued 223,460 share options to the Executive Board and a number of executives for 2016. The strike price of DKK 215 has been fixed at 110% of the price of Topdanmark's shares on 30 December 2015 (average of all trades).
Besides the revolving scheme a further 184,000 share options have been issued for 2016 to other executives who have made a special effort or otherwise contributed extraordinarily to value creation in the Company.
The options cannot be exercised any earlier than subsequent to the publication of the 2018 annual results in 2019 and any later than subsequent to the publication of the 2020 annual results in 2021. In the intervening period the options may be exercised up until three banking days subsequent to Topdanmark's publication of its annual, half-yearly or quarterly reports.
The value of the options has been calculated to be DKK 10m using the Black and Scholes model assuming a share price of DKK 195.41, an interest rate equivalent to the zero coupon rate based on the swap curve of 30 December 2015, future annual volatility of 22%, a pattern of exercise similar to Topdanmark's previous allocations of share options and otherwise in accordance with IFRS 2 on share-based payments.
Please direct any queries to:
Lars Thykier, CFO
Direct tel: +45 4474 3714
Topdanmark A/S
Reg.No. 78040017
Borupvang 4
2750 Ballerup