The board of directors of Thin Film Electronics ASA ("Thinfilm") has resolved to issue 3,675,000 shares to 12 employees, in accordance with the Company's 2011 and 2012 Subscription Rights Incentive Plans, respectively.
3,637,500 of the Subscription Rights exercised expire on 10 May 2016 and today was hence the last day to exercise.
Upon exercise, the cash impact for the employee of the subscription price and tax impact is 65-75% of the number of shares received, depending on exercise price and tax jurisdiction. The employees are consequently selling shares in order to finance said cash impact.
Of the total number of exercised subscription rights, 2,700,000 are exercised by the following primary insiders who in turn have sold a total of 2,115,000 shares in order to finance the above mentioned exercise price and tax liability:
- Davor Sutija, CEO, exercised 2,000,000 subscription rights at a subscription price of NOK 1.49 per share and has sold 1,500,000 shares at NOK 3.71. After the transaction is completed, Mr Sutija will hold 2,700,000 shares and 4,500,000 subscription rights in Thinfilm.
- Christer Karlsson, CTO, exercised 700,000 subscription rights at a subscription price of NOK 1.49 per share and has sold 615,000 shares at NOK 3.71. After the transaction is completed, Mr Karlsson will hold 300,000 shares and 2,000,000 subscription rights in THIN.
Cash-less exercise - transfer of rights
On 10 May 2016, in order to establish a cash-less exercise of the expiring subscription rights, the employees in the expiring 2011 program transferred their rights to receive shares resulting from the exercise of options to a third party.
The sales amount of NOK 3.71 per share has been determined on the basis of the price obtained by the third party when selling the shares in the market.
The issue of the 3,637,500 shares corresponds to a share capital increase of NOK 404,250 (each share issued having a par value of NOK 0.11). The weighted average subscription price per share was NOK 1.47. The total subscription price therefore is NOK 5,391,750, of which NOK 404,250 is added to the Company's share capital while NOK 4,987,500 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
10 May 2016
Thin Film Electronics ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.