Detection Technology Plc company announcement 28 September 2018 at 9:00 (EEST)
The Board of Directors of Detection Technology decided to issue stock options
Based on the authorization granted by the Annual General Meeting of shareholders held on 27 March 2018, the Board of Directors of Detection Technology Plc has decided to issue stock options on the enclosed terms and conditions. The stock options shall be offered free of charge to key personnel of the Detection Technology group.
There is a weighty financial ground for the company for the issuance of the stock options as the stock options are intended to form part of the incentive and commitment program of the key persons. The stock options motivate the key personnel to work on a long-term basis to increase the shareholder value of the company.
The maximum total number of stock options is 760,000, which entitle to subscribe for a total maximum of 760,000 shares of Detection Technology Plc. Each stock option entitles to subscribe for one (1) share. The shares subscribed with the stock options may be new shares or existing shares held by the company as in each case determined by the Board of Directors.
The stock options will be issued in separate series, which will be marked with symbols 2018A1, 2018A2, 2018B1 and 2018B2. The combined aggregate number of stock options either marked with the symbol 2018A1 or 2018A2 is 380,000 stock options, and the combined aggregate number of stock options either marked with the symbol 2018B1 or 2018B2 is 380,000 stock options.
The share subscription price with the stock options shall be with the:
- Stock options 2018A1 and 2018A2 the trade volume weighted average quotation of the company’s share in public trading maintained by Nasdaq Helsinki Ltd during the period commencing (and including) 29 August 2018 and ending (and including) 26 September 2018;
- Stock options 2018B1 and 2018B2 the trade volume weighted average quotation of the company’s share in public trading maintained by Nasdaq Helsinki Ltd during the period commencing (and including) 2 September 2019 and ending (and including) 27 September 2019.
From the share subscription price shall be deducted the amount of the dividend and funds distributed from the distributable equity fund decided after the commencement of the period for determination of the share subscription price but before share subscription. The share subscription price shall, however, always be at least EUR 0.01. The share subscription price shall be booked in the fund for invested non-restricted equity.
The share subscription period will be for the stock options 2018A1 and 2018A2 from 2 May 2021 until 31 May 2022 and for the stock options 2018B1 and 2018B2 from 2 May 2022 until 31 May 2023. The maximum number of shares, which may be subscribed with the stock options, 760,000 shares, is approximately five per cent of the company’s shares on a fully diluted basis.
Terms and conditions of the stock options 2018 is attached to this release as a pdf-file and can also be downloaded from the company’s website.
Detection Technology Plc
For more information:
Hannu Martola, President and CEO
+358 500 449 475
Nordea is the company’s Certified Advisor under First North rules.
Detection Technology Plc
Detection Technology is a global provider of X-ray detector solutions for medical, security and industrial applications. The company’s net sales grew 18% to EUR 89 million in 2017. The company has 240 customers in 40 countries. Detection Technology employs over 450 people in Finland, China and the US. The company’s shares are listed on the Nasdaq First North Finland marketplace under the ticker symbol DETEC.
NASDAQ OMX Helsinki