Allocation of warrants to management and employees in FirstFarms A/S and in the company's subsidiaries
The Board of Directors in FirstFarms A/S has today based on authorisation in the company's Articles of Association section 5.2.B decided to issue 70,000 warrants, which each gives right to subscribe one share of nominal DKK 10 in the company. Thus, the issued warrants give right to subscribe total up to nominal DKK 700,000 shares in the company. The Board of Directors has at the same time made decision about the related capital increase.
The utilisation price of the allocated warrants is DKK 45.00 per share of nominal DKK 10 with a premium of 2 % p.a. calculated until utilisation.
The issued warrants are allocated cost-free to the company's CEO and other employees in the company and in the company's subsidiaries.
The allocated warrants can be utilised in a period of 4 weeks from the company's publication of the interim financial report for the period 1 January 2022 - 30 September 2022.
Holders of warrants, who resign prior to utilisation, retain the right to utilise warrants to the extent provided by the rules of the share option law.
The issued warrants are estimated to have a total market value of DKK 264,000, corresponding to DKK 66,000 per year in the period until potential utilisation. The market value is calculated based on the Black-Scholes model with a volatility of 20%, a risk-free interest of 0.0 % p.a. and a share price of 43.20.
The Board of Directors decision is entered in item 5.2.B (a) in the company's Articles of Association with appendix 5.2.B (a), which includes the terms for the allocated warrants.
For further information:
Please visit our website www.firstfarms.com or contact CEO Anders H. Nørgaard on telephone +45 75 86 87 87.
FirstFarms is a Danish stock exchange listed company, which purchases and operation agriculture in Eastern Europe. We develop the individual farms to modern and sustainable businesses that deliver milk, meat and grains of the highest quality to the dinner tables all over the world.