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Kitron: KIT – Issue of shares under share incentive program
(2022-08-30) Reference is made to Kitron ASA's previous disclosures regarding its share incentive program. Kitron has received exercise notices from the participants in the share incentive program and Kitron's board of directors has consequently resolved to issue 676 664 new shares. The shares are issued to the option holders at a strike price of NOK 0.10 per share pursuant to the board authorisation resolved in Kitron's general meeting held 27 April 2022.
In addition, Kitron has decided to convert 493 336 exercised options under the share incentive program against cash consideration. The cash consideration will be utilised to cover the tax cost for the option holders which will be subject to advance tax deduction by Kitron after exercise of the options. The conversion of options is made at NOK 19.90 which is equal to the closing price on Oslo Børs on 30 August 2022 less the strike price of NOK 0.10 per share.
The following primary insiders a have exercised options and subscribed for shares in the share capital increase:
| Number of shares subscribed for | Number of options converted against cash consideration |
Peter Nilsson, CEO and President | 183 920 | 166 080 |
Cathrin Nylander, CFO | 79 622 | 70 378 |
Kristoffer Asklöv, COO | 50 000 | 0 |
Hans Petter Thomassen, Managing Director Kitron Norway & VP North America | 82 602 | 67 398 |
Mindaugas Sestokas, Managing Director Kitron Lithuania & VP Central Eastern Europe | 102 000 | 48 000 |
Stefan Hansson Mutas, Managing Director Kitron Sweden | 76 020 | 73 980 |
Zygimantas Dirse, Managing Director Kitron China | 82 500 | 67 500 |
Primary insider notifications pursuant to the market abuse regulation article 19 are attached.
Kitron has furthermore resolved to exercise a right under the share incentive program to implement trading restrictions on the shares issued under the abovementioned share capital increase. All shares issued will be subject to trading restrictions with a duration of three years; however, so that the last two years, one eighth of the total number of new shares will vest and become tradable each quarter.
For further information, please contact:
Cathrin Nylander, CFO, tel.: +47 900 43 284
E-mail: investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing services company for the Connectivity, Electrification, Industry, Medical devices and Defence/Aerospace sectors. The group is located in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, China and the United States. Included the acquisition of BB Electronics in January 2022, Kitron has about 2 800 employees, and pro forma revenues were about NOK 5 billion in 2021.
This information is made public by the Company pursuant to the EU Market Abuse Regulation article 5, as supplemented by Commission Delegated Regulation (EU) 2016/1052, and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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