Bavarian Nordic A/S – Issues Financial Calendar for 2004 and Offers New Warrant Programme
Financial calendar The financial calendar for 2004 has been determined as follows:
4 March
Annual accounts
30 April
1st Quarter report
30 April
Annual General Meeting
25 August
Half-yearly report
26 October
3rd Quarter report
Warrant programme Bavarian Nordic will implement a warrant programme for the company’s management, employees and Board of Directors. The principles that form the basis of the warrant programme were adopted at the Annual General Meeting on 29 April 2003, and the authority of which appears from the Articles of Association, § 5c.The warrant programme will include all employees of Bavarian Nordic A/S, Bavarian Nordic GmbH and Bavarian Nordic Berlin GmbH who are employed and not dismissed as of 1 January 2004. The programme will allocate a maximum of 200,000 shares with a nominal value of DKK 10 per share at an exercise price of DKK 323 per share. The Board of Directors will receive in total 20,000 warrants, the President & CEO will receive a total of 15,000 warrants, managerial staff will receive a total of 56,500 warrants, and all other employees will receive up to a total of 108,500. The exercising period for the warrant programme will run from 18 April to 2 May 2007.
The following table highlights the most relevant information about the warrant programmes offered to the Board of Directors, President & CEO, managerial staff and all other employees in 2002 and 2003:
Programme
2002
2003
Total
Exercise price (DKK)
90
323
Exercise periods
21.4 - 2.5.2004
18.4.-2.5.2007
Board of Directors (warrant)
17,600
20,000
37,600
President & CEO (warrant)
13,000
15,000
28,000
Managerial staff (warrrant)
35,000
56,500
91,500
All other employees (warrant)
49,500
Up to 108,500
158,000
Former employees (warrant)
14,500
0
14,500
Total (warrant of DKK 10)
129,600
200,000
329,600
Value per warrant (DKK)*
146
56
* Calculated using the Black-Scholes model with a risk-free interest of 3.5% and based on the historic volatility of the shares. The calculation is based on a market price of the stock at DKK 235 per share.
