Statement of leading employees’ transactions in NORDEN shares and related securities
Attached please find below text as PDF file.
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Announcement no. 5
10 March 2016
Dampskibsselskabet NORDEN A/S
Statement of leading employees’ transactions in NORDEN shares and related securities
As stated in NORDEN’s annual report of 2 March 2016, NORDEN has established a share option programme for leading employees and other key employees, in total 63 employees (against 65 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 389,159 share options. The share options may be exercised in the period from 10 March 2019 to 10 March 2022.
The exercise price of the options is determined as the five-day average of the market price following 2 March 2016, less all dividend payments after 2 March 2016 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: | Jan Rindbo |
| Occasion: | Reporting duty, CEO |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 50,000 |
| Black-Scholes value of allocated share options in DKK: | 778,500 |
| Holding after the transaction: | 7,560 shares and 100,000 options |
| Name: | Martin Badsted |
| Occasion: | Reporting duty, CFO |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 28,000 |
| Black-Scholes value of allocated share options in DKK: | 435,960 |
| Holding after the transaction: | 4,223 shares and 118,493 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: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 28,000 |
| Black-Scholes value of allocated share options in DKK: | 435,960 |
| Holding after the transaction: | 3,596 shares and 110,512 options |
| Name: | Asger Lauritsen |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 14,349 |
| Black-Scholes value of allocated share options in DKK: | 223,414 |
| Holding after the transaction: | 42,698 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: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 11,500 |
| Black-Scholes value of allocated share options in DKK: | 179,055 |
| Holding after the transaction: | 4,823 shares and 75,999 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: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 11,500 |
| Black-Scholes value of allocated share options in DKK: | 179,055 |
| Holding after the transaction: | 723 shares and 65,812 options |
| Name: | Henrik Lykkegaard Madsen |
| Occasion: | Reporting duty, Senior Vice President |
| Issuer: | Dampskibsselskabet NORDEN A/S |
| ISIN code: | DK0010269844 |
| Description: | Shares |
| Transaction: | Allotment of share options |
| Commercial date: | 10 March 2016 |
| Market: | Nasdaq Copenhagen |
| Number: | 11,500 |
| Black-Scholes value of allocated share options in DKK: | 179,055 |
| Holding after the transaction: | 53,110 options |
The theoretical Black-Scholes value of each option is DKK 15.57 based on the exercise price determined as the five-day average of the market price (all transactions) from 3 March 2016. The estimated value is based on the following assumptions: that all options are exercised after 3.25 years, a volatility of 31.4%, an annual dividend rate of DKK 0 per share (from 2016) and a risk free interest rate of 0%.
Kind regards,
Dampskibsselskabet NORDEN A/S
Martin Badsted
CFO
For further information: Martin Badsted, CFO, tel.: +45 3315 0451
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DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO. 67758919