07: Issue of warrants in BioPorto A/S
April 08 2011
Announcement no. 07
Issue of warrants in BioPorto A/S
The Board of Directors of BioPorto A/S has issued warrants to the executive management and the employees as authorized by the Annual General Meeting (AGM) this date. The issued warrants allow for subscription of 511,500 shares of nominally DKK 3.00 each in BioPorto A/S by cash payment, equal to a nominal value of DKK 1,534,500. The exercise price is set at DKK 7.86.
The Board of Director’s decision to issue warrants is a partial utilization of the authorization in article 18 of the Company’s articles of association following which the Board of Directors is authorized to issue, on one or more occasions, a number of warrants for shares of nominal value DKK 3.00 corresponding to a maximum of nominally DKK 5,000,000 without any pre-emption right for the present shareholders of the Company.
This issue of 511,500 warrants is equivalent to 1.21% of the nominal capital stock and at earlier issues 1,000,750 warrants were issued. Thus, a total of 1,512,250 warrants have been issued which is equivalent to 3.59% of the current nominal capital stock.
The issued warrants are distributed as follows: The executive management is granted 75,000 warrants and the employees of BioPorto A/S and BioPorto Diagnostics A/S are granted 436,500 warrants, all at market price fixed as a weighted average of the listed price in the most recent five days of trading on NASDAQ OMX Copenhagen prior to the issue on April 7, 2011, yet with an addition of 25% to the executive management’s warrants. A term of maturity of 34 months is incorporated into the program which means that the warrants granted may at the earliest be exercised on February 6, 2014.
The market value of these 511.500 warrants is calculated to DKK 1,313,475 based on Black-Scholes formula for valuation of warrants.
The warrant program is established with a view to create an incentive for retaining the current employees and their active effort for the company and also to attract new employees. Furthermore, it serves as an incentive for the executive management.
Gentofte April 7, 2011
The Board of Directors