The shareholders are Richard Livingstone via Ian Livingstone, Jens von Bahr and Fredrik Österberg via Österbahr Ventures AB, Joel Citron and Jonas Engwall – who as of the end of last year represented approximately 32.6% of shares and votes in total.

In addition to the incentive scheme decided by the extraordinary general meeting (EGM) on 16 January, the total programme will be in line with the original proposal to the EGM in December. 

In a statement, Von Bahr, Chairman of the Board at Evolution, said: "Due to the support for the original proposal from a large majority of the shareholders at the EGM, the board members with shareholding in the company are willing to issue warrants pro rata their holding, to give CEO Martin Carlesund an internationally competitive compensation package."

The company itself is not involved in issuing the options and no costs are expected to be incurred for Evolution as a result of the options. 

Given they are options issued by select shareholders, there will not be any dilution for others, unless all options offered are exercised; in which case the dilution effect for the major shareholders will be approximately 1.69%.