Asetek - Issuance of Warrants
April 29, 2016 – Asetek A/S' board of directors has on April 28th 2016 decided to issue warrants to board members and key employees in the company and its subsidiaries. The board's decision is made in accordance with the shareholder authorization to the board adopted as Article 6.1 of the articles of association and the company’s general guidelines regarding incentive programs.
A total of 600,000 warrants have been issued for subscription of up to 600,000 shares of a nominal value of DKK 0.10 at an exercise price of NOK 19.50 per share. The exercise price is established as the share price (“closing price”) for the Company’s share as of April 28, 2016. Prior to the issue of any shares under this program, Asetek A/S has 25,361,340 shares outstanding.
Warrants granted to employees in a Danish entity are limited by and governed by the Danish Act on Options for Employees (the Stock Option Act/aktieoptionsloven) regarding termination of employment prior to exercise of warrants.
The warrants become exercisable gradually within a period of 1 to 4 years and the warrants will lapse 7 years after they have been subscribed.
Under this program five board members will receive a total of 73,785 warrants. The executive management will receive a total of 163,572 warrants and other senior management members will receive a total of 107,008 warrants. Information regarding board members’ and senior management’s share and option/warrants holdings is available on the company’s’ website.
The award of warrants will incur consequential amendments to the articles of association.
Asetek is the world leading provider of energy efficient liquid cooling systems for data centers, servers, workstations, gaming and high performance PCs. Its products are used for reducing power and greenhouse emissions, lowering acoustic noise, and achieving maximum performance by leading OEMs and channel partners around the globe.
Asetek's products are based upon its patented all-in-one liquid cooling technology with more than 3 million liquid cooling units deployed in the field. Founded in 2000, Asetek is headquartered in Denmark with offices in California, China and Taiwan. For more information, visit http://www.asetek.com.
For further information, please contact:
Peter Dam Madsen, Chief Financial Officer
Mobile: +1 408 813 4147, e-mail: firstname.lastname@example.org