Wirtek establishes a new employee warrants program

 

Company announcement no. 13/2022
12 September 2022

 

The Board of Directors of Wirtek A/S has approved a new employee warrants program with the purpose of attracting and retaining talented employees. The warrants program will broadly target employees below Director-level in Wirtek and is an important step in achieving Wirtek’s Accelerate25XL strategy.

350,000 warrants with a nominal value of DKK 52,500 are issued in accordance with §3.5 of the articles of association. The exercise price for each warrant is DKK 16.20 and was calculated as the average weighed share price from 5 September 2022 – 9 September 2022.

The Board has allocated 200,000 warrants (nominally DKK 30,000) for existing employees. These warrants will vest in 3 periods and are subject to continued employment during each of the vesting periods:

• 1 October 2022 – 30 April 2023
• 1 May 2023 – 30 April 2024
• 1 May 2024 – 30 April 2025

The exercise of the warrants starts from 1 May 2025 – 15 May 2025 and the same period the following 5 years until and including 2030.

The remaining 150,000 warrants (nominally DKK 22,500) are allocated as part of a comprehensive compensation package for the recruitment of key talent. These warrants will vest in 3 periods and are subject to continued employment during each of the vesting periods:

• 1 May 2023 – 30 April 2024
• 1 May 2024 – 30 April 2025
• 1 May 2025 – 30 April 2026

The exercise of the warrants starts from 1 May 2026 – 15 May 2026 and the same period the following 5 years until and including 2031.

The theoretical market value of each warrant is calculated to DKK 14.24 using a Black-Scholes model. The key asumptions for the Black-Scholes calculation are a share price of DKK 16.10, an exercise price of 16.20, an annualised volatility of 129% and a risk-free interest rate of 2%.  

Fully utilized, this employee warrants program leads to a 4.5% dilution of existing shareholders.

After the issue of these warrants, nominally DKK 37,500 remains of the Board of Director’s existing authorization to issue new warrants.

Further information

• Michael Aaen, CEO, Wirtek A/S, Phone: +45 2529 7575, E-mail: [email protected]
• Kent Mousten Sørensen, Chairman, Wirtek A/S, Phone: +45 2125 9001
• Per Vestergaard, Certified Advisor, CDI Global, Phone: +45 2176 4317

About Wirtek

Wirtek is a Danish IT outsourcing company. Since 2001, we have been teaming up with companies to help them create great software solutions and electronic equipment products.

Several clients have been with us for more than 10 years, so we can confidently say that in outsourcing, the quality of the relationship matters just as much as the quality of the delivered software. Our clients get state-of-the-art technical solutions and a committed team that works with them as if it were their own.

Wirtek has offices in Denmark (HQ + sales) and four development and test centres in Romania, and we are 180+ colleagues. Wirtek was listed at Nasdaq First North Growth Market Denmark in 2006.

Ticker Code: WIRTEK (DK0060040913)