06: Issue of warrants
April 01 2008
Announcement 06
Issue of warrants on BioPorto A/S
The Board of Directors of BioPorto A/S has issued warrants to the executive management, employees and members of the Board of Directors as authorized by the Annual General Meeting (AGM) on March 28, 2008. The issued warrants allow for subscription of 517,500 of nominally DKK 3.00 each in BioPorto A/S by cash payment, equal to a nominal value of DKK 1,552,500. The exercise price for executive management and employees is set at DKK 4.18 and the exercise price for the Board of Directors is set at DKK 6.15.
The Board of Director’s decision to issue warrants is a partial utilization of the authorization in article 15 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 5% of the Company’s nominal capital stock at any given time without any pre-emption right for the present shareholders of the Company.
This issue of 517,500 warrants is equivalent to 1.35% of the nominal capital stock and at an earlier issue 910,000 warrants were issued whereof 87,840 are utilized and 51,000 are annulled. Thus, a total of 1,288,660 warrants have been issued which is equivalent to 3.36% of the current nominal capital stock.
The issued warrants are distributed as follows: 130,000 warrants to the Board of Director’s of BioPorto A/S who according to the authorization by the AGM are granted warrants with a subscription right at market price at the time of the issue, yet minimum DKK 6.15. The executive management is granted 45,000 warrants and the employees of BioPorto A/S and BioPorto Diagnostics A/S are granted 342,500 warrants, all at market price DKK 4.18 fixed as a weithed average of the listed price in the most recent five days of trading on OMX the Nordic Echange Copenhagen A/S prior to the issue on March 31 2008. A term of maturity is incorporated into the program which means that the warrants granted may at the earliest be exercised on March 31, 2010.
The market value of these 517,000 warrants is calculated to DKK 812,700. The market value of issued warrants is calculated as of March 31, 2008 based on Black-Scholes formula for valuation of warrants. The calculations have been based on the assumptions of no dividend, a volatility of 45%, a risk free interest rate of 3.91% pro anno and an average share price as of January 28, 2008 of DKK 4.30 per share.
Gentofte April 1, 2008
The Board of Directors
For further information please contact:
Thea Olesen, CEO
Tel. +45 45 29 00 00, e-mail to@bioporto.com