Oslo, Norway, 16 March 2018
Vistin Pharma ASA (Vistin Pharma, OSE: VISTIN) has entered into agreements with Torbjørn Kjus and Kenneth Tveter for the development of a new business area within energy trading activities.
"We are excited by joining forces with Torbjørn Kjus and Kenneth Tveter following a thorough strategic evaluation, to leverage Vistin Pharma's platform as a listed company to enhance new value creation opportunities for all shareholders. Torbjørn is recognised as a leading energy analyst and we are looking forward to work with him and Kenneth to develop a new growth platform within energy trading," says Ole Enger, Chairman of the Board of Directors.
Following the sale of the opioids and tablet business in October 2017, the company has become a pure play global metformin supplier with solid growth prospects. However, the Board of Directors has recognised the lack of scale of the current business structure as a listed company and initiated a strategic evaluation of the industrial and value creation opportunities. Following this evaluation, the company has entered into agreements with Torbjørn Kjus and Kenneth Tveter for the possible development of a new business area within energy trading.
"Vistin Pharma has a strong and leading position within the global metformin market with attractive growth opportunities and we will continue to develop this business as planned, uninterrupted by the potential addition of another business area," says Enger.
Torbjørn Kjus has 16 years of experience in analysing the global crude and refined products markets, 10 years as Chief Oil Analyst in DNB Markets and six years as an oil analyst and trader in Norsk Hydro and BP trading in London. He is the number 1 ranked analyst in Norway, independent of sector. He is also ranked as the number 1 analyst in the oil and gas sector for the past four years.
Kenneth Tveter has more than 10 years of experience from the oil market, working with sales and trading in DNB Markets. He spent six years in New York as Head of Commodities with the responsibility of building up DNBs Oil Market desk in New York.
The Board of Directors will propose to amend the articles of association at the company's annual general meeting (AGM), so that the purpose of the company shall not be limited to pharma-related business, but potentially extending the company's business to energy trading activities.
The engagements of Torbjørn Kjus and Kenneth Tveter are subject to approval by the AGM of the changes to the articles of association. Subject to AGM approval, the engagements will give Torbjørn Kjus and Kenneth Tveter 1,023,295 and 682,197 share options in the company respectively, at a strike price equal to the closing price on 15 March 2018, NOK 11.20. Together they will also be granted options over 10% of the number of shares issued in future cash private placements in the company, limited to a total of 4,000,000 options in total including the initial grants.
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For further information, please contact:
Ole Enger
Chairman
+47 91 13 82 23
About Vistin Pharma
Vistin Pharma is a Norwegian pharmaceutical company producing Active Pharmaceutical Ingredients (APIs) for the global pharmaceutical industry. The Group was established in 2015 when Vistin Pharma AS, a wholly owned subsidiary of Vistin Pharma ASA, acquired the metformin and opioids business and tablet production assets from Weifa AS. On 2 October 2017, Vistin Pharma sold its opioids and manufacturing business to TPI Enterprises Limited. Following the sale, Vistin Pharma is a pure play metformin producer, with a strong position in the global metformin market and with significant growth ambitions. Metformin is used as the first line treatment of diabetes 2, a disease which is expected to grow by 50 per cent towards 2030, and affect more than 500 million people. The global market for metformin is expected to grow by four to five per cent per annum, and Vistin Pharma is attractively positioned to capture part of this growth.