The Board of Directors of P/F
Atlantic Petroleum has granted the management, selected employees and retainers
5,628 warrants at a total nominal value of DKK 562,800 for subscription in P/F
Atlantic Petroleum at a price of DKK 625 per share. P/F Atlantic Petroleum is a
lean network organisation and this warrant programme is an important part of
the company’s business plan to foster loyalty and commitment from staff.
One twelfth of the warrants
can be exercised in each of the forthcoming twelve quarters. Vested warrants
that are not exercised can be carried forward to the following period. Thus,
un-exercised warrants do not forfeit until the end of the last exercise period,
which is 1st May 2010.
The first exercise period
commences at the time of the announcement of the interim financial statement
for the first quarter of 2007. The following periods commence at the
announcement of the quarterly interim financial statements or annual financial
statements. All exercise periods last for four weeks.
If Atlantic Petroleum has not
received a subscription form from the warrant holder by 1st May
2010, the warrants are forfeited.
The warrants can only be
exercised if the warrant holder is still employed or provides services to the
Atlantic Petroleum Group.
The warrants are allocated as
follows: 3,692 to the Managing Director, 633 to the Financial Manager, 319 to
other employees, and the remaining 984 warrants to retainers.
The total market value of the
options issued is estimated to be DKK 1,510,985, provided that all the warrants
are exercised by 1st May 2010. The market value is calculated on the
basis of Black-Scholes and on the following assumptions: exercise price: DKK
625; market price on the day of issue: DKK 625; volatility: 58.9 per cent;
risk-free interest: 3.95 per cent and yearly dividend: DKK 0.00
details can be obtained from Wilhelm Petersen, Managing Director, tel +298 35 01
The announcement will be available, together with other information about
Atlantic Petroleum, on the company’s website: www.petroleum.fo.