Issue of Options
2 January 2019
Announcement No. 01/2019
Issue of Options
Since 1998, Topdanmark has had a revolving share option scheme for its Executive Board and a number of executives. As in previous years, the strike price has been fixed on the basis of the price of Topdanmark's shares on the last trading day of the year (average of all trades).
Topdanmark has issued 158,682 share options to the Executive Board and a number of executives for 2019. The strike price of DKK 333 has been fixed at 110% of the price of Topdanmark's shares on 28 December 2018 (average of all trades).
Additional to the revolving scheme, a further 115,000 share options have been issued for 2019 to other executives who have made special efforts or otherwise contributed extraordinarily to the value creation of the Company.
The options cannot be exercised any earlier than subsequent to the publication of the 2021 annual results in 2022, and any later than subsequent to the publication of the 2023 annual results in 2024. In the interim period, the options may be exercised up until three banking days subsequent to Topdanmark's publication of its annual, half-yearly or quarterly reports.
The value of issuing the options amounts to DKK 10m, using the Black and Scholes model assuming a share price of DKK 302.68, an interest rate equivalent to the zero coupon rate based on the swap curve of 28 December 2018, future annual volatility of 22%, a pattern of exercise similar to Topdanmark's previous allocations of share options and otherwise in accordance with IFRS 2 on share-based payments.
Please direct any queries to:
Lars Thykier, CFO,
Tel: +45 4474 3714