NORBIT ASA Announces Share Capital Increase for Employee Incentives
Trondheim: NORBIT ASA (the ‘Company’) has shared important updates regarding its employee incentive initiatives that were previously approved by the Board of Directors. This announcement follows a stock exchange notice from July 2022 about share purchase programs available to eligible employees within the NORBIT group.
Overview of the Employee Share Matching Program
The share matching program enables employees to buy shares at market value. After 24 months, provided they meet specific predefined conditions, these employees will be awarded additional shares equivalent to the amount they initially invested. This initiative underscores the company's dedication to aligning employee interests with those of shareholders.
Recently, the Board of Directors has decided to grant shares to eligible employees who participated in the matching program launched in 2022. This decision is part of NORBIT's ongoing commitment to strengthen its corporate culture and promote long-term investment from its workforce.
Resolution for Share Capital Increase
As part of this initiative, the Board has resolved to increase the Company’s share capital by NOK 9,083.40 through the issuance of 90,834 new shares, each with a par value of NOK 0.10. This increase is based on the authorization received during the Company’s general meeting.
Once this capital increase is registered with the Norwegian Register of Business Enterprises, NORBIT’s total share capital will amount to NOK 6,361,459.70, divided into 63,614,597 shares, each retaining a par value of NOK 0.10.
Managing Tax Liabilities for Primary Insiders
To effectively manage tax liabilities linked to the matching program, several primary insiders have agreed to sell a portion of their awarded shares back to the Company. The Company will buy back a total of 7,102 shares at a price of NOK 77.4336 per share. This proactive strategy ensures compliance with tax obligations while effectively managing insider holdings.
Current Share Holdings of Primary Insiders
Following these transactions, the primary insiders and their associated parties will hold the following number of shares in the Company:
- Per Kristian Reppe, Group Chief Financial Officer: 85,430 shares
- Peter Eriksen, Business Unit Director Oceans: 847,144 shares
- Asbjørn Dahl, Commercial Director Connectivity & PIR: 13,362 shares
For any inquiries related to shares subscribed or awarded to primary insiders, please refer to the attached documentation provided by the Company.
Contact Information
For more information, please reach out to:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT is recognized as a global leader in delivering customized technology solutions designed to tackle specific applications, with a strong emphasis on addressing challenges and promoting sustainability through innovative approaches. The company is structured into three primary business segments: Oceans, Connectivity, and Product Innovation & Realization. The Oceans segment focuses on providing specialized technological solutions for global maritime markets. The Connectivity segment is dedicated to wireless solutions for identification, monitoring, and tracking. Lastly, the Product Innovation & Realization segment offers research and development services, proprietary products, and contract manufacturing to key customers. Headquartered in Trondheim, NORBIT operates manufacturing facilities in Europe and North America, employs around 500 staff, and has a comprehensive global sales and distribution network.
Frequently Asked Questions
1. What is the purpose of the share matching program at NORBIT ASA?
The share matching program allows employees to buy shares and potentially earn additional shares as compensation if certain conditions are met after 24 months, fostering long-term investment and engagement.
2. How much has NORBIT ASA increased its share capital?
NORBIT ASA has raised its share capital by NOK 9,083.40 through the issuance of 90,834 new shares, each with a par value of NOK 0.10.
3. What happens after the share capital increase is registered?
Once registered, NORBIT's total share capital will be NOK 6,361,459.70, divided into 63,614,597 shares.
4. How is NORBIT managing tax liabilities for its primary insiders?
NORBIT plans to buy back a portion of the shares awarded under the matching program to help cover tax liabilities, totaling 7,102 shares at NOK 77.4336 each.
5. What are the main business segments of NORBIT ASA?
NORBIT ASA operates in three segments: Oceans, Connectivity, and Product Innovation & Realization, focusing on delivering tailored technology solutions across various applications and markets.