Statement of leading employees’ and employee-elected board members’ transactions in NORDEN shares and related securities
Attached please find below text as PDF file.
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Announcement no. 13
19 March 2014
Dampskibsselskabet NORDEN A/S
Statement of leading employees’ and employee-elected board members’ transactions in NORDEN shares and related securities
As stated in NORDEN’s annual report of 11 March 2014, NORDEN has established a share option programme for leading employees and other key employees, in total 60 employees (against 62 employees last year). Each share option entitles the recipient to acquire one NORDEN share with a nominal value of DKK 1. The programme includes a total of 400,000 share options. The share options may be exercised in the period from 11 March 2017 to 11 March 2020.
The exercise price of the options is determined as the five-day average of the market price following 11 March 2014, less all dividend payments after 11 March 2014 plus an addition of 10%.
According to section 28A of the Danish Securities Trading Act, the Company shall report the following information about the transactions of leading employees and employee-elected board members in the Company’s shares and related securities:
| Name: | Carsten Mortensen |
| Occasion: | Reporting duty, President & CEO |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 68,387 |
| Market value of underlying shares in DKK: | 17,197,963 |
| Holding after the transaction: | 49,769 shares and 307,120 options |
| Name: | Michael Tønnes Jørgensen |
| Occasion: | Reporting duty, Executive Vice President & CFO |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 25,969 |
| Market value of underlying shares in DKK: | 6,530,684 |
| Holding after the transaction: | 1,800 shares and 139,740 options |
| Name: | Lars Bagge Christensen |
| Occasion: | Reporting duty, Executive Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 20,114 |
| Market value of underlying shares in DKK: | 5,058,269 |
| Holding after the transaction: | 2,843 shares and 94,255 options |
| Name: | Martin Badsted |
| Occasion: | Reporting duty, Executive Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 18,505 |
| Market value of underlying shares in DKK: | 4,653,637 |
| Holding after the transaction: | 4,223 shares and 68,013 options |
| Name: | Ejner Kiel Bonderup |
| Occasion: | Reporting duty, Executive Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 27,355 |
| Market value of underlying shares in DKK: | 6,879,235 |
| Holding after the transaction: | 4,042 shares and 55,580 options |
| Name: | Mikkel Fruergaard |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 13,179 |
| Market value of underlying shares in DKK: | 3,314,255 |
| Holding after the transaction: | 723 shares and 51,678 options |
| Name: | Lars Lundegaard |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 11,586 |
| Market value of underlying shares in DKK: | 2,913,647 |
| Holding after the transaction: | 723 shares and 72,184 options |
| Name: | Kristian Wærness |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 11,098 |
| Market value of underlying shares in DKK: | 2,790,925 |
| Holding after the transaction: | 4,223 shares and 53,020 options |
| Name: | Vibeke Schneidermann |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 9,172 |
| Market value of underlying shares in DKK: | 2,306,575 |
| Holding after the transaction: | 723 shares and 49,286 options |
| Name: | Ole Clausen |
| Occasion: | Reporting duty, employee-elected board member |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 11 March 2014 |
| Market: | NASDAQ OMX Copenhagen A/S |
| Number: | 1,854 |
| Market value of underlying shares in DKK: | 466,244 |
| Holding after the transaction: | 1,149 shares and 8,883 options |
The theoretical Black-Scholes value of each option is DKK 28.41 based on the exercise price determined as the five-day average of the market price (all transactions) from 12 March 2014. The estimated value is based on the following assumptions: that all options are exercised after 3.25 years, a volatility of 25.6%, an annual dividend rate of DKK 2 per share (from 2014) and a risk free interest rate of 0.24%.
Kind regards,
Dampskibsselskabet NORDEN A/S
Michael Tønnes Jørgensen
Executive Vice President & CFO
Further information: Michael Tønnes Jørgensen, Executive Vice President & CFO, tel. +45 3315 0451.
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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919