The Board of Directors of Detection Technology decided to issue stock options
Detection Technology Plc company announcement 25 August 2020 at 9:00 (EEST)
The Board of Directors of Detection Technology decided to issue stock options
Based on the authorization granted by the Annual General Meeting of shareholders held on 16 April 2020, the Board of Directors of Detection Technology Plc has decided to issue stock options on the enclosed terms and conditions. The stock options shall be offered free of charge to key personnel of the Detection Technology group.
There is a weighty financial ground for the company for the issuance of the stock options as the stock options are intended to form part of the incentive and commitment program of the key persons. The stock options motivate the key personnel to work on a long-term basis to increase the shareholder value of the company.
The maximum total number of stock options is 760,000, which entitle to subscribe for a total maximum of 760,000 shares of Detection Technology Plc. Each stock option entitles to subscribe for one (1) share. The shares subscribed with the stock options may be new shares or existing shares held by the company as in each case determined by the Board of Directors.
The stock options will be issued in separate series, which will be marked with symbols 2020A1, 2020A2, 2020B1 and 2020B2. The combined aggregate number of stock options either marked with the symbol 2020A1 or 2020A2 is 380,000 stock options, and the combined aggregate number of stock options either marked with the symbol 2020B1 or 2020B2 is 380,000 stock options.
The share subscription price with the stock options shall be with the:
- Stock options 2020A1 and 2020A2 the trade volume weighted average quotation of the company’s share in public trading maintained by Nasdaq Helsinki Ltd during the period commencing (and including) 31 August 2020 and ending (and including) 25 September 2020;
- Stock options 2020B1 and 2020B2 the trade volume weighted average quotation of the company’s share in public trading maintained by Nasdaq Helsinki Ltd during the period commencing (and including) 6 September 2021 and ending (and including) 1 October 2021.
From the share subscription price shall be deducted the amount of the dividend and funds distributed from the distributable equity fund decided after the commencement of the period for determination of the share subscription price but before share subscription. The share subscription price shall, however, always be at least EUR 0.01. The share subscription price shall be booked in the fund for invested non-restricted equity.
The share subscription period will be for the stock options 2020A1 and 2020A2 from 2 May 2023 until 31 May 2024, and for the stock options 2020B1 and 2020B2 from 2 May 2024 until 31 May 2025. The maximum number of shares, which may be subscribed with the stock options, 760,000 shares, is approximately five per cent of the company’s shares on a fully diluted basis.
Terms and conditions of the stock options 2020 is attached to this release, and can be downloaded from the company’s website.
Detection Technology Plc
Further information
Hannu Martola, President and CEO
+358 500 449 475, hannu.martola@deetee.com
Nordea is the company’s Certified Advisor under the Nasdaq First North GM rules.
Detection Technology Plc
Detection Technology is a global provider of X-ray detector solutions for medical, security, and industrial applications. The company’s net sales totaled EUR 102 million in 2019. The company has 280 customers in 40 countries. Detection Technology employs around 500 people in Finland, China, France, and the US. The company’s shares are listed on Nasdaq First North Growth Market Finland under the ticker symbol DETEC.
Distribution: Nasdaq Helsinki, key media, www.deetee.com