saxo-bank-annual-report-2015

NOTES – SAXO BANK GROUP
Note (DKK 1,000)
11 Share-based payments · continued
2015
Exercise
price
Expiry date
Exercise
period
2015 2014
Warrants issued in 2007 103 2018 2018 51,363 51,363
Warrants issued in 2008 148 2018 2018 1,770,000 1,770,000
Warrants issued in 2014 120 2017 2015 130,000 130,000
Warrants issued in 2014 120 2017 2016 130,000 130,000
Warrants issued in 2014 120 2017 2017 130,000 130,000
Warrants issued in 2015 150 2022 2020-2022 718,725 -
Warrants issued in 2015 180 2022 2020-2022 718,725 -
Warrants issued in 2015 210 2022 2020-2022 718,725 -
Total warrants outstanding 4,367,538 2,211,363
Warrants Saxo Payments A/S
Warrants with a right to subscribe for shares in Saxo Payments A/S were granted or sold in 2015 (65,571 warrants) and in 2014
(50,000 warrants). At the time of grant the fair value of the warrants granted in 2015 was estimated to DKK 3 million. The fair value of
warrants in 2015 was measured using the Black-Scholes option pricing model based on the assumptions at the grant date considering
time to maturity, risk-free interest rate (2%), volatility (25%), share price (246.25) and exercise restrictions etc. The warrants in 2014
were sold at fair value of DKK 0.3 million.
The warrants are conditional on performance of Saxo Payment A/S and presence of the holders concerned, unless terminated without
cause. The warrants may be exercised during 1 January 2019 until 30 June 2019. The warrants or a portion thereof that are not exercised
by 30 June 2019 will be deemed forfeited without any further compensation. The fair value at grant date after deduction of cash
payment received from participants is expensed in the income statement during the period from 2015 to 2016.
The warrants are accounted for as equity-settled transactions.
2015
Exercise
price
Expiry date
Exercise
period
2015 2014
Warrants issued in 2014 72.00 2019 2019 50,000 50,000
Warrants issued in 2015 246.25 2019 2019 65,571 -
Total warrants outstanding - - - 115,571 50,000
Out of the 115,571 (2014: 50,000) outstanding warrants as per 31 December 0 warrants (2014: 0 warrants) were exercisable.
Board of Management in Saxo Bank A/S holds 3,333 of the warrants in Saxo Payments A/S. The remaining warrants are granted or sold
to Board of Directors, Board of Management and employees in Saxo Payments A/S.
No warrants have been forfeited, exercised or expired in 2015 or 2014.
Expense in income statement
In total DKK 10 million regarding warrants was recognised as Staff cost and administrative expenses (2014: DKK 13 million) with a corresponding
increase in equity. Consideration received for warrants sold is recognised directly in equity.
SAXO BANK · ANNUAL REPORT 2015 · 61