Release details

2017-02-17 08:22 CET
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Borregaard: Share options issued

17.02.2017: Borregaard ASA ("Borregaard", OSE ticker: BRG)

Borregaard's Board of Directors has decided to issue share options in accordance with the proxy given by the Annual General Meeting held on 13 April 2016. The total number of options issued is 364,000.

The options will expire after five years (17 February 2022), and may be exercised in the last two years. The strike price of the options is NOK 104.11. It is based on the volume weighted average share price during the first three trading days after the announcement of the 4th quarter 2016 results with an addition of 10%. The strike price will be adjusted for dividend and equity transactions. The maximum annual gain is limited to twice the annual base salary for the CEO, and equivalent to the annual base salary for the other option holders. At least 50% of the proceeds after tax must be used to purchase shares in the Company, and the purchased shares will be locked for a period of three years. In addition, the members of the Executive Management are expected to acquire shares until their shareholdings equal their annual base salary, and twice the base salary for the CEO.

Primary insiders have the following holdings of options and shares in Borregaard after the new share options were issued on 17 February 2017 (new options in parenthesis):

Per A. Sørlie holds 180,000 options (60,000) and owns 145,990 shares
Morten Harlem holds 106,000 options (21,000) and owns 45,959 shares
Tom Erik Foss-Jacobsen holds 77,000 options (17,000) and owns 35,615 shares
Per Bjarne Lyngstad holds 77,000 options (17,000) and owns 53,596 shares
Tuva Barnholt holds 65,000 options (15,000) and owns 29,168 shares
Sveinung Heggen holds 65,000 options (15,000) and owns together with related parties 8,084 shares
Ole Gunnar Jakobsen holds 65,000 options (15,000) and owns 28,363 shares
Gisle Løhre Johansen holds 65,000 options (15,000) and owns 20,059 shares
Dag Arthur Aasbø holds 65,000 options (15,000) and owns 44,096 shares

The total number of outstanding share options is now 1,687,380, equivalent to 1.69 % of the number of shares (including 343,380 treasury shares) in Borregaard.

Contacts:
Chief Financial Officer, Per Bjarne Lyngstad, mobile +47 952 44 515
Senior Vice President Organisation and Public Affairs, Dag Arthur Aasbø, mobile +47 918 34 108

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

HUG#2079630