WindowMaster International A/S issues warrant program

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TUESDAY, OCTOBER  27, 2020 12:00 CET

Company Announcement No. 4-2020
Copenhagen, October 27, 2020


The Board of Directors of WindowMaster International A/S has today decided to exercise part of its authorization to issue and grant warrants (share subscription rights), and has thus issued a total of 725,102 warrants, each of which can be exercised to subscribe for one share of nominally DKK 1 in the company. The Board of Directors is authorized to issue a total of DKK 1,439,923 warrants.

Issuance of warrants has taken place in order to retain and motivate key employees, to honor already performed tasks and work as well as and in order to increase focus on the long-term value added of the company for the benefit of all stakeholders.

The distribution of warrants is as follows (as also described in the Company’s company description of October 6th, 2020):

Receiver Number of warrants
Exercise value (nominal value of DKK 1 per Share) Ordinary excercse period
Excecutive Management:
Erik Boyter 217,531 10.42 August 31st, 2023 to August 31st 2025
Steen Overgaard Sørensen 181,276 10.42 August 31st, 2023 to August 31st 2025
Other management employees (7 in total): 326,295 10.42 August 31st, 2023 to August 31st 2025
Total 725,102
Total Authorization 1,439,923
Remaining Authorization 714,821

A warrant holder may exercise warrants during a period of 14 days following publication of the company’s annual reports and semi-annual reports in the years 2023, 2024 and 2025. 
The warrants can only be exercised once within the exercise period. Warrants can be exercised partially, after which all unexercised warrants will lapse immediately without further notice or compensation.

It is a prerequisite for the exercise of warrants that the warrant holder is employed by the company or a group company on the exercise date.

At the same time, the Board of Directors has adopted the terms of the capital increases of up to nominally DKK 725,102 arising from the exercise of the warrants. 

The complete terms and conditions applicable to the warrants are included as an appendix to the company's articles of association.

The theoretical market value of the warrants is estimated as follows based on the Black Scholes model and the following:

  • Spot price: DKK 10.42
  • Exercise price:  DKK 10.42
  • Risk-free interest rate: -0.4%
  • Volatility: 23.5%
  • Time to expiration: 3-5 years
  • Dividend: 0 kr.
  • Value per. warrant: DKK 1.7

For further information:

CEO, Erik Boyter

M: +45 4035 0267

WindowMaster International A/S
Skelstedet 13
2950 Vedbæk


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About WindowMaster International A/S

WindowMaster is a Danish cleantech company originally founded in 1990 as part of the VELUX group, but changed ownership in a MBI in 2015. WindowMaster is both a market leader in the niche market for natural ventilation solutions as well as leading the technological advancements of cloud based IOT solutions in the field. This market position is based on a change of ownership in 2015 with the mission to provide green ventilation solutions to the construction industry and optimize indoor climate. 
Today, buildings account for approx. 39% of global CO2 emissions, which drives demand for green solutions that can help reduce CO2 emissions from buildings worldwide. WindowMaster has built a strong and scalable platform to leverage the green wave of sustainability and contribute to greening the environmental footprint of various types of buildings – e.g. office buildings, sports arenas, hospitals, educational institutions, museums, etc. The company offers solutions that ensure optimal regulation of the indoor climate in buildings based on continuous monitoring of CO2 levels, humidity and temperature that can help increase efficiency and comfort of building users.