Mandatory notification of trade - Exercise of share options
At the annual general meeting in 2013 the general meeting approved a 3 year share option scheme for senior management within a framework of 1 200 000 share options. The purpose of the share option program was to promote the long-term value creation by establishing incentives for value creation for senior management, and to facilitate mutual interests between management and shareholders, in addition to being able to offer competitive terms to attract and retain competent and experienced employees in senior management and key positions.
Based on the approval in the annual general meeting in 2013, the Board of Directors allocated 400 000 share options in 2014 and an additional 400 000 in 2015, with reference to the company's annual report for 2015, note 15. The strike price was equal to the market value of the shares in April 2013 and April 2014. The participants must be an employee of the company to be allowed to exercise the share options. The exercise period for all share options is 10 bank days starting from 15 April 2016.
On 15 April 2016 the participants in the share option scheme exercised a total of 800 000 share options (equal to 800 000 shares) to an average strike price of NOK 5,51 per share.
The primary innsiders in Data Respons exercised the following number of share options:
Kenneth Ragnvaldsen, CEO, 299 000 share options
Rune Wahl, CFO, 150.000 share options
Jørn E. Toppe, COO, 150.000 share options
On the same date Data Respons ASA purchased 800 000 own shares at a price of NOK 11.30 per share to settle its obligation to deliver the shares. The shares were purchased in accordance with the authorisation granted at the annual general meeting on 14 April 2016. The Board of Directors used the authorization to purchase treasury shares based on the financial solidity of the company and in order to optimize the company's capital structure. Following these transactions Data Respons still holds zero treasury shares.
The 15 April 2016 the primary insiders listed above transferred their rights to receive shares resulting from the exercise of their share options to a third party against a consideration to be determined on the basis of the price subsequently obtained by the third party when selling the shares. The price subsequently obtained was NOK 11.30 per share.
After exercising the options the primary insiders listed above hold the following number of shares and unexercised options in Data Respons:
Name Title Shares Share options
Kenneth Ragnvaldsen CEO 262 000 0
Rune Wahl CFO 62.000 0
Jørn E. Toppe COO 204 937 0
For further information:
Kenneth Ragnvaldsen, CEO, Data Respons ASA, tel. +47 913 90 918.
About Data Respons
Data Respons is a full-service, independent technology company and a leading player in the embedded solutions market. We provide products, services and embedded computer solutions to OEM companies, system integrators and vertical product suppliers in a range of market segments such as defence, medical equipment, industrial automation, oil services and offshore, transportation, energy and telecommunications. Embedded solutions can be described as the computer brain of a machine, system or industrial end product, and can be used in a broad range of industrial applications.
Data Respons ASA is listed on the Oslo Stock Exchange (Ticker: DAT), and is part of the information technology index. The company has offices in Norway, Sweden, Denmark, Germany and Taiwan. www.datarespons.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.