THIN - Share issue to employees, placement of shares
The board of directors of Thin Film Electronics ASA ("Thinfilm") has resolved to issue 4,200,000 shares to in total ten board members and employees, in accordance with the Company's 2009, 2011 and 2012 Subscription Rights Incentive Plan, respectively.
4,000,000 of the Subscription Rights exercised expire on 6 May 2014 and today was the last quarterly board meeting for such exercise.
Upon exercise, the cash impact for the employee of the subscription price and tax impact is about 60% of the number of shares received, depending on tax jurisdiction. The employees and board members are selling shares in order to finance the cash impact.
Of the total number of exercised subscription rights, 2,250,000 are exercised by the following primary insiders who in turn are selling a total of up to 1,510,000 shares:
-
Morten Opstad, Chairman, exercises 250,000 subscription rights at a price of NOK 1.08 per share and sells 150,000 shares. After the transaction is completed, Mr Opstad will hold 1,500,116 shares and 0 subscription rights in THIN.
-
Rolf Åberg, Board Member, exercises 250,000 subscription rights at a price of NOK 1.08 per share and sells 50,000 shares. After the transaction is completed, Mr Åberg will hold 408,216 shares and 0 subscription rights in THIN.
-
Davor Sutija, CEO, exercises 1,000,000 subscription rights at a price of NOK 1.29 per share and sells 660,000 shares. After the transaction is completed, Mr Sutija will hold 1,700,000 shares and 6,250,000 subscription rights in THIN.
-
Christer Karlsson, CTO, exercises 750,000 subscription rights at a price of NOK 1.08 per share and sells 650,000 shares. After the transaction is completed, Mr Karlsson will hold 115,000 shares and 2,450,000 subscription rights in THIN.
Transfer of rights
On 27 February 2014, the employees and board members mentioned above transferred their rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the transferred rights will be reported to Oslo Børs when known.
The issue of the 4,200,000 shares corresponds to a share capital increase of NOK 462,000 (each share issued having a par value of NOK 0.11). Following this transaction, the Company's share capital will be NOK 52,455,413.56. The weighted average subscription price per share was NOK 1.16. The total subscription price therefore is NOK 4,864,000, of which NOK 462,000 is added to the Company's share capital while NOK 4,402,000 is added to the Company's funds in accordance with the provisions of the Public Limited Companies Act.
For more information contact:
John Afzelius-Jenevall, CFO: +47 95 87 96 80 / jaj@thinfilm.no
27 February 2014
Thin Film Electronics ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.