Note 25 – Equity
| Number of shares | Share capital | |
|---|---|---|
| Ordinary shares | 17,510,860 | 45,483 |
| Preference shares | 1,739,140 | 4,517 |
| As of 31 August 2017 | 19,250,000 | 50,000 |
| Ordinary shares | 26,321,393 | 683,673 |
| As of 31 August 2018 | 26,321,393 | 683,673 |
Share capital as of 31 August 2018 consists of 26,321,393 shares, consisting of ordinary shares with a quota value of SEK 0,00259. The shares have a voting value of 1 vote/share. All shares issued by the parent company are fully paid.
As of the closing date of 31 August 2018, the company has two outstanding option schemes. All options were issued for a competitive premium. When all options, totaling 469,246, are utilized, the company’s share capital will increase by a maximum of SEK 12,194 distributed across 469,246 shares. As of the closing date, 469,246 options were not utilized.
The MAG Interactive warrant program was approved by the EGM on February 28 2017. The personel warrant program is built to give a long term incentive for employees to deliver on a long term share holder value. Through the plan each participant acquires warrants that vest during the following 36 month period. The allocation is determined by the board and no employee has contractual right to participation or allocation.
The number of warrants earned depends on the employee time for each individual employee, aka vesting. The vested warrants can be exercised in the period April-June 2020.
The price paid for the warrants by each employee was the market price as calculated by an independent external advisor. Each warrant gives the right to subscribe for one share in MAG Interactive Ab (publ).
The strike price is SEK 15.
The table below is a summary of the two outstanding option programs:
| Program | Number of warrants | Exercise price | Exercise time | Price |
|---|---|---|---|---|
| 2017/2020:1 | 324 871 | 15 SEK | April-June 2020 | 3,75 SEK |
| 2017/2020:2 | 144 375 | 15 SEK | April- June 2020 | 3,75 SEK |
| Total/average | 469 246 | 15 SEK | April- June 2020 | 3,75 SEK |
No other warrants have been submitted previously by the company or its subsidiaries. No options or warrants have been exercised.
During the financial year 2017/18 warrants for a total value of 28 KSEK have been repurchased.
Current value of ongoing programs
No personnel options or warrants were allocated during the year 2017/18.
All outstanding warrants in the company were purchased by employees at a calculated market value. The calculations were based on standard practice methods and were performed by an external advisor. Since the time of issuing the warrants the company was listed and preference shares were changed to common shares. The volatility of the share is established to 60%. Based on this the company estimates the value of the outstanding warrants from these two programs to 5 SEK per warrant.
Management short term incentive program (STI)
During the financial year 2017/18 no specific show term incentive program for management existed. Specifically no program based on shares.
Costs for share related incentive programs
The total cost for the share related remunerations during the financial year was:
Warrant program 2016/17
The total cost for developing and executing on the warrant programs 2017/2020:1 and 2017/2020:2 was 250 KSEK