Company announcement No. 367


Reference is made to company announcement No. 242 of 23 May 2011 in which the established matching share programme is described, as well as to the Guidelines for remuneration to the Board of Directors and the Executive Board, including general guidelines for incentive pay to the Executive Board.

Pursuant to the matching share programme terms and the Guidelines, and with the first open trading window since publication of the 2017 annual report having just closed, H+H International A/S‘s Executive Board consisting of CEO Michael T Andersen and CFO Ian L Perkins has now entered the 2018 matching share programme which will vest in March 2021. Michael T Andersen has invested 3,391 H+H shares and Ian L Perkins has invested 2,015 H+H shares in the 2018 programme, and they have both done so by transferring H+H shares from their existing shareholding outside of the matching share programmes.

In addition to the two members of the Executive Board, four key employees in the H+H group participate in the 2018 matching share programme. In total, the said key employees have invested 4,950 H+H shares, with some key employees participating via transfer of H+H shares from their existing shareholding outside of the matching share programmes and some key employees participating via purchase of H+H shares during the open trading window.

Each H+H share invested under the matching share programme gives the participant the opportunity to be granted up to three H+H shares (i.e. matching shares) at vesting in March 2021 depending on the extent of fulfilment of the general and specific vesting conditions set for the 2018 programme.

The theoretical market value of the participation in the 2018 programme is estimated to maximum DKK 1,187,596 for CEO Michael T Andersen, maximum DKK 705,693 for CFO Ian L Perkins and maximum DKK 1,733,589 in total for the four key employees.

To partially cover H+H International A/S’s possible future obligations to grant matching shares under the 2018 matching share programme when it vests in March 2021, the Board of Directors has decided to make use of the authorisation granted by the general meeting to the company to acquire treasury shares (see company announcement No. 358 of 19 April 2018). Accordingly, the company will acquire approx. 15,000 treasury shares, equivalent to 0.08% of the company’s share capital. The company will engage Danske Bank A/S to buy back the shares, which is planned to take place during the trading window of four weeks starting from 15 November 2018 after announcement of the interim financial report for Q1-Q3 2018, provided the company does not have to postpone the transactions due to existence of inside information or due to unavailability of shares for sale under the terms of the authorisation granted by the general meeting.

The company currently holds 92,979 treasury shares equivalent to 0.52% of the company’s share capital. The said treasury shares are held to partially cover the company’s possible future obligations to grant matching shares under the 2016 – 2017 matching share programmes.

For further information please contact Michael T Andersen, CEO, or Bjarne Pedersen, Vice President, Business Development & IR, on telephone +45 35 27 02 00.

Kent Arentoft                                            Michael T Andersen
Chairman of the Board of Directors         CEO


H+H’s core activity is the manufacture and sale of wall building materials, with a revenue in 2017 of DKK 1.6 billion before acquisition of the calcium silicate product line. The main product lines are aircrete blocks and since 2018 calcium silicate units used for the residential new building segment. H+H has 28 factories in Northern and Central Europe and Northwest Russia with a total output of more than 4 million cubic metres of products annually and has a leading position in most of its markets. H+H has around 1,600 employees and is listed on Nasdaq Copenhagen.

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