Dampskibsselskabet "NORDEN" A/S appoints a new CFO
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Dampskibsselskabet ”NORDEN” A/S
_______________________________________________________________________________
The Copenhagen Stock Exchange Announcement No. 19
Nikolaj Plads 6 22 May 2007
DK-1067 Copenhagen K Page 1 of 2
Dampskibsselskabet "NORDEN" A/S appoints a new CFO
Today, NORDEN appointed Ivar Myklebust as new CFO (head of finance) and member
of the Management. Ivar Myklebust takes up the position on 1 September and
succeeds CFO Jens Fehrn-Christensen, who wishes to retire as earlier announced.
Ivar Myklebust will form NORDEN's Management together with CEO Carsten
Mortensen. His area of responsibility in NORDEN will be finance, accounts, risk
management, insurance and IT.
Ivar Myklebust is Norwegian, 39 years old and comes from a position as
Executive Director/Head of Corporate Finance Norway at Nordea Corporate
Finance, where he was responsible for Nordea's consultancy activities within
the maritime industry across the Nordic countries. In that capacity, he has
advised a number of maritime businesses on finance, strategy and transactions.
In 1995, Ivar Myklebust finished his education at the Norwegian School of
Economics and Business Administration in Bergen specialising in finance. From
1994-97, he worked as Project Manager for the Norwegian shipping and investment
company Anders Wilhelmsen & Co. A/S with activities within cruise, tankers and
offshore. From 1997-99, he was responsible for covering Norwegian shipping
shares as an equity analyst at Pareto Fonds ASA. In 1999, he was appointed Head
of Equity Research at Nordea Securities/Christiania Markets, where he covered
Norwegian and international shipping shares in addition to being chief analyst.
After a short period as Director at Andersen Global Corporate Finance, he
returned to Nordea in 2002, and, since April 2004, he has been in his current
position.
“We are very happy with the appointment of Ivar. He has extensive experience
with and insight into both the financial aspects of the shipping industry as
well as the industry in general. Analytically he is very strong, and he has a
good age, an international background and management experience. Thus, he fits
the ideal profile we made on the new CFO,” says Mogens Hugo, Chairman of the
Board of Directors.
Page 2 of 2
As part of the employment contract, Ivar Myklebust will be granted 42,000 share
options, which each entitles him to acquire one share at DKK 1 in NORDEN.
Conditional on employment on 1 September, the share options may be exercised in
the period from 1 September 2009 to 1 September 2011. The exercise price of the
options is determined as the five-day average of the market price following 1
September 2007, less all dividend payments after 1 September 2007 and plus an
effective interest rate of 8% p.a. until any exercise. These are the same
conditions which apply to the option programme the Company established for 40
employees in March.
The theoretical Black-Scholes value of the options is - based on the price of
the Company's shares at today's date - DKK 1,725,220. The value is estimated as
the exercise price first will be determined after 1 September 2007. The
calculation is based on the following assumptions: That all options are
exercised at the earliest opportunity, a volatility of 30.1%, an annual
dividend of DKK 5 and a risk-free interest rate of 4.32%.
Kind regards,
Dampskibsselskabet ”NORDEN” A/S
The Board of Directors
Contact at tel. +45 3315 0451: Chairman Mogens Hugo and CEO Carsten Mortensen.
_______________________________________________________________________________
Dampskibsselskabet ”NORDEN” A/S
49, Amaliegade
DK-1256 COPENHAGEN K
www.ds-norden.com
