Head N.V. disclosed that its Chairman and CEO Johan Eliasch and his family members upped their holdings in the company to 66.3%. The Netherlands-based company also reported that Richard Hurowitz resigned from its supervisory board after funds managed by Octavian Advisors L. P. sold their stake in the equity interest in the maker of snowsports, racquet and dive gear.
On Monday, Iliasch's Head Holdings N.V. exercised options granted under the May and September 2009 Stock Option Plans. In total these amounted to 12.9 million options. These options have been satisfied by the transfer of 8.9 million shares in Head NV held by the company as treasury shares, and the issuance by Head NV of 4.0 million new shares.
Head Sports Holdings N.V., a Netherlands Antilles corporation, and its shareholders are controlled by Eliasch and his family members. As a result of this transaction, Head Sports Holdings N.V. and its shareholders will now control 66.3% of Head NV.
The total number of issued shares in Head NV therefore increases from 88.2 million to 92.2 milliion.
The total number of own shares that Head NV hold after the exercise of these options now amounts to 260,022 (0.3%). Accordingly, the number of shares held by Head NV thereby has fallen below 5% within the meaning of Sec. 93/3 of the Austrian Exchange Act.
