IDEX – Subscription rights and shares as board remuneration
Following the 7.5-for-1 rights issue in IDEX ASA (“IDEX”) in 2009, the subscription rights granted as board remuneration in 2008 were sharply discounted in value. The annual general meeting of IDEX on 11 May 2010 granted new subscription rights to effectively reprice these subscription rights, as follows:
Hanne Høvding received 26,532 subscription rights and Joan Frost Urstad and Harald Voigt 53,064 subscription rights each, in total 132,660 subscription rights. The exercise price of the SRs is NOK 1.20 per share. 25 per cent of the SRs vest at each anniversary from the date of the grant. The SRs expire on 11 May 2015.
The annual general meeting of IDEX on 11 May 2010 resolved that the board members could elect to receive all or part of the board remuneration in the form of shares in IDEX; that the number of shares shall correspond to a value of 133 per cent of the NOK amount granted as board remuneration; and that the board member must pay a subscription price per share equal to the par value of the share, being NOK 0.15. Thus, the effective price is NOK 1.05 per share.
The board members Joan Frost Urstad and Harald Voigt each elected to receive NOK 49,089 in cash and NOK 50,911 in shares. This means that IDEX will issue 56,900 shares to each of these two board members. The total number of new shares to be issued is 113,800 shares. The share capital will increase by a total of NOK 17,070. The shares will be issued when the share capital has been paid in.
11 May 2010
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)