The Board of Directors of Topsil Semiconductor Materials A/S has mutually agreed with Managing Director Keld Lindegaard Andersen that he resigns from his position in the company as from today.
In the years 2005-2010 Keld Lindegaard Andersen has been at the head of a positive growth in Topsil, where activities and market position have been considerably strengthened.
However, in 2011 Topsil has seen an unsatisfactory financial development, due to recession in the market and a number of challenges in production and operations. There-fore, the Board of Directors wishes to strengthen the managerial focus on operational execution, including efficiency improvement, qualification, product development and implementation of new production machinery.
On behalf of the Board of Directors I wish to thank Keld for his significant efforts to bring Topsil on the right track. Topsil has become a leading player in our niche markets, and Keld has been a determining factor in securing the company a solid business platform.
The Board of Directors has initiated an external process to engage a new Managing Director, who will be charged with realising the strategic objectives of the company and re-establishing the earning capacity. In the meantime the EVP, Director of Logistics, Sales and Marketing of Topsil, Jørgen Bødker, has been appointed Managing Director ad interim.
Jens Borelli-Kjær
Chairman
+45 40 16 14 82
Investor presentation at Topsil at 1.00 pm.
Pursuant to section 28a of the Danish Securities Trading Act we can report the following insiders’ dealing based on reports from insiders:
| Name: |
Jens Faarup |
| Reason: |
CFO |
| Issuer: |
Topsil Semiconductor Materials A/S |
| ID-code: |
DK 0010271584 |
| Type: |
Shares |
| Transaction: |
Purchase |
| Market: |
NASDAQ OMX Copenhagen |
| Trading date: |
29 August 2011 |
| Number: |
275,000 |
| Market value DKK: |
145,750 |
Please direct any questions regarding this announcement to:
Jens Borelli-Kjær, Chairman, tel. +45 40 16 14 82
Keld Lindegaard Andersen, Chief Executive Officer, tel. +45 21 70 87 72
Please note that this translation is provided for convenience only. The Danish version shall prevail in case of discrepancies.
Presentation at Carnegie today at 8.30 am.
Pursuant to section 28a of the Danish Securities Trading Act we can report the following insiders’ dealing based on reports from insiders:
| Name: |
Michael Hedegaard Lyng |
| Reason: |
Member of the Board of Directors |
| Issuer: |
Topsil Semiconductor Materials A/S |
| ID-code: |
DK 0010271584 |
| Type: |
Shares |
| Transaction: |
Purchase |
| Market: |
NASDAQ OMX Copenhagen |
| Trading date: |
25 August 2011 |
| Number: |
490,000 |
| Market value DKK: |
294,000 |
Please direct any questions regarding this announcement to:
Jens Borelli-Kjær, Chairman, tel. +45 40 16 14 82
Keld Lindegaard Andersen, Chief Executive Officer, tel. +45 21 70 87 72
Please note that this translation is provided for convenience only. The Danish version shall prevail in case of discrepancies.
At a meeting held 24 August 2011, the Board of Directors of Topsil Semiconductor Materials A/S resolved to grant a warrant programme to two managerial employees of the company.
Key elements of the warrant programme:
A total of 3,685,420 warrants have been granted to 2 newly appointed named employees.
- Each warrant entitles the holder to subscribe for one share with a nominal value of DKK 0.25 in the company.
- The exercise price has been fixed at DKK. 0.83 per share.
- The warrants are exercisable for a period of up to six weeks following publication of the full-year profit announcement for 2011.
- On expiry of the exercise period, any unexercised warrants will lapse.
- The managerial employee retains the right to any warrants granted if such employee’s employment with the company ends due to termination on the part of the company before the employee has exercised the warrants granted. The employee loses the right to any unexercised warrants if such employee’s employment with the company terminates due to the employee’s own resignation before the exercise period has occurred.
The fair value of above mentioned warrant programme of 3,685,420 warrants has been calculated at DKK 355,643 at the date of grant.
Please direct any questions regarding this announcement to:
Jens Borelli-Kjær, Chairman, tel. +45 40 16 14 82
Keld Lindegaard Andersen, Chief Executive Officer, tel. +45 21 70 87 72
Please note that this translation is provided for convenience only. The Danish version shall prevail in case of discrepancies.
Interim report for the six months ended 30 June 2011 is available now.
Presentation today at SEB Enskilda Equities
Interim report for the three months ended 31 March 2011 is available now.
