WindowMaster International A/S issues warrant program
Company Announcement No. 035-2023
Copenhagen, April 4th, 2023
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 325,000 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:
| Receiver | Number of warrants |
Exercise value (nominal value of DKK 1 per Share) | Ordinary excercise period |
| Excecutive Management: | |||
| Erik Boyter | 100,000 | 6.01 | 2024, 2025 and 2026 |
| Steen Overgaard Sørensen | 75,000 | 6.01 | 2024, 2025 and 2026 |
| Other management employees (3 in total): | 150,000 | 6.01 | 2024, 2025 and 2026 |
| Total | 150,000 | ||
| Total Authorization | 325,000 | ||
| Remaining Authorization | 389,821 |
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 2024, 2025 and 2026.
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 325,000 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 based on the Black Scholes model and the following:
Spot price: DKK 6.01
Exercise price: DKK 6.01
Risk-free interest rate: 4%
Volatility: 2.89%
Time to expiration: 1-3 years
Dividend: 0 kr.
Value per. warrant: DKK 0.24
For further information:
CEO, Erik Boyter
M: +45 4035 0267
Mail: ekb.dk@windowmaster.com
WindowMaster International A/S
Skelstedet 13
2950 Vedbæk
Denmark
Certified Advisor
Grant Thornton
Jesper Skaarup Vestergaard