OSLO, Norway, February 19, 2016 - Thin Film Electronics ASA ("Thinfilm" or "the Company") (OSE: THIN.OL; OTCQX: TFECY), a global leader in printed electronics and smart systems, today announced that Woodford Investment Management ("Woodford") has agreed to acquire 120,000,000 new shares in Thinfilmin a private placement at a subscription price of NOK 3.00 per share totalling NOK 360,000,000 (USD 42 million).
Upon completion of the transaction, Woodford will hold 17.8% of the shares in the Company. Upon subscription in the offering, Woodford will also receive 40,000,000 warrants, each with an exercise price of NOK 4.50. The warrants are exercisable after a 12-month holding period, and expire in two years.
The issuance of shares and warrants is subject to the approval of an extraordinary general meeting (the "EGM") in Thinfilm. An EGM will be called for as soon as practical and will take place on or about 15 March 2016. Completion of the private placement is conditional upon EGM approving the transaction.
"Woodford Investment Management is one of the UK's leading fund managers and its founder has a history of identifying compelling opportunities," said Davor Sutija, CEO of Thinfilm. "We believe this investment is a strong endorsement of Thinfilm's unique technology and its prospects for future success."
About Thin Film Electronics ASA
Thinfilm is a leader in the development and commercialization of printed electronics and smart systems. The first to commercialize printed, rewritable memory, the Company creates printed systems that include memory, sensing, display, and wireless communication, all at a low cost unmatched by any other electronic technology. Thinfilm's roadmap integrates technology from a strong and growing ecosystem of partners to enable the Internet of Everything by bringing intelligence to disposable goods.
Thin Film Electronics ASA ("Thinfilm") is a publicly listed Norwegian company with headquarters in Oslo, Norway; product development and production in Linköping, Sweden; product development, production, and business development in San Jose, California, USA; and sales offices in the United States, Hong Kong, and Singapore. For more information, visit www.thinfilm.no.
About Woodford Investment Management
Woodford Investment Management LLP is authorised and regulated by the Financial Conduct Authority (www.fca.org.uk), 25 The North Colonnade, Canary Wharf, London E14 5HS. Woodford Investment Management LLP, registered in England No OC390366. Registered office: 9400 Garsington Road, Oxford OX4 2HN.
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For more information, please contact:
John Afzelius-Jenevall, CFO
Thin Film Electronics ASA
+47 95 87 96 80
jaj@thinfilm.no