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Vow ASA : Vow ASA Annual General Meeting - shareholders approve demerger of Vow Green Metals AS
The Annual General Meeting ("AGM") of Vow ASA ("Vow") was held today 14 May 2021. All resolutions were adopted in accordance with the Board's proposal and the Nomination Committee's recommendations.
The AGM approved the demerger plan dated 8 April 2021. As described in Vow's announcement of 8 April 2021, this is one of several formal steps required in order to establish Vow Green Metals AS (“Vow Green Metals”) as a separate listed company, at a date after the expiry of a 6 week creditor notice period and after an approval of listing of Vow Green Metals on Euronext Growth.
When the demerger is completed, at a date after 25 June 2021, the share capital in Vow will be reduced by NOK 742,689,155, from NOK 11,425,987 to NOK 10,683,297,845, by reducing the nominal value of the shares by NOK 0.0065, from NOK 0.10000 to NOK 0.09350.
The amount of the reduction will be distributed to Vow’s shareholders so that the shareholders in Vow (at such future completion date) receive shares in Vow Green Metals. In advance of the demerger completion date, Vow will announce the dates for Vow being traded with and without the right to receive shares in Vow Green Metals.
Vow's assets rights and obligations related to its contemplated activities for industrial and continuous production of biocarbon as reducing agent for the metallurgical industry (the "Biocarbon Business") are transferred to Vow Green Metals, while all other assets, rights and liabilities will remain with Vow (the "Demerger").
Vow Green Metals will own and operate plants that produce CO2 neutral energy and products that help customers in industry decarbonise their production processes. The first plant is being planned at Follum in Eastern Norway with planned start of operations in 2022.
After the Demerger is completed, at a date being after 25 June 2021, Vow will continue to develop and deliver technologies, solutions and innovative business models that convert biomass and waste into valuable resources and generate clean and CO2 neutral energy to customers in a wide range of industries at sea and on land.
After the AGM and approval of Demerger, an extraordinary general meeting was held in Vow Green Metals where Vow subscribed new shares in Vow Green Metals for NOK 150 million, and Vow will thereby retain a 30.5 percent ownership in Vow Green Metals after completion of the demerger.
For more information (see link at end of dcument)
Please see minutes of Annual General Meeting attached.
For further queries, please contact
Henrik Badin - CEO Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
About Vow ASA
In Vow and our subsidiaries Scanship and Etia we are passionate about preventing pollution. Our advanced technology and world leading solutions purify wastewater and convert biomass and waste into valuable resources and generate clean energy for a wide range of industries, which as part of their own transition are looking for low carbon fuels, carbon neutral energy, decarbonised gas, and biocarbon.
We have delivered technology to a wide range of industries for many years. Our solutions are scalable, standardized, patented, and thoroughly documented, and our capabilities are well proven in concrete projects and deliveries.
In 2020, Vow established Vow Industries. This subsidiary will build, own, and operate plants that deliver industry decarbonisation as a service, thereby accelerating the green transition within waste and biomass valorisation and energy production.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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