Danish ingredients giant Danisco’ board of directors will submit two major proposals to its forthcoming Annual General Meeting (AGM).
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CEO Alf Duch-Pedersen explained that firstly, it will propose the cancellation of 5,022,177 own shares (of a nominal value of DKK100.44m (US$13.24m)) corresponding to 8.6% of the share capital. The shares were purchased at a total acquisition cost of DKK1.43bn corresponding to an average acquisition cost of DKK284.68 per share.
The holding of the remaining 800,000 own shares corresponding to 1.4% of the share capital is provided as hedging for the existing share option programme.
Secondly, the board will ask to be authorised to establish a warrant programme and thus be authorised until 5 September 2007 to issue warrants to the employees (excluding the executives included in the existing share option programme), and to execute the related share capital increase of projected 1,400,000 shares (of a nominal value of DKK28m) at a price equivalent to the average share price quoted on the first five trading days after the AGM with addition of 2.5% per annum until the beginning of the subscription period on 5 September 2005.
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