The board of directors of Thin Film Electronics ASA ("Thinfilm") has resolved to issue 2,057,500 shares to nine employees, in accordance with the Company's 2012 Subscription Rights Incentive Plan.
All of the Subscription Rights exercised expire on 10 May 2017.
Upon exercise, the cash impact for the employee of the subscription price and tax impact is 75-80% 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, 1,650,000 are exercised by the following primary insiders who in turn have sold a total of 1,230,000 shares in order to finance the above-mentioned exercise price and tax liability:
- Davor Sutija, CEO, exercised 750,000 subscription rights at a subscription price of NOK 1.89 per share and has sold 450,000 shares at NOK 3.63. After the transaction is completed, Mr Sutija will hold 3,000,000 shares and 5,750,000 subscription rights in Thinfilm.
- Christer Karlsson, CTO, exercised 500,000 subscription rights at a subscription price of NOK 1.89 per share and has sold 435,000 shares at NOK 3.63. After the transaction is completed, Mr Karlsson will hold 365,000 shares and 2,100,000 subscription rights in Thinfilm.
- Henrik Sjöberg, SVP Product Management, exercised 400,000 subscription rights at a subscription price of NOK 1.85 per share and has sold 345,000 shares at NOK 3.63. After the transaction is completed, Mr Sjöberg will hold 55,000 shares and 1,850,000 subscription rights in Thinfilm.
The issue of the 2,057,500 shares corresponds to a share capital increase of NOK 226,325 (each share issued having a par value of NOK 0.11). The weighted average subscription price per share was NOK 1.88. The total subscription price therefore is NOK 3,872,675, of which NOK 226,325 is added to the Company's share capital while NOK 3,646,350 is added to the Company's funds in accordance with the provisions of the Public Limited Companies Act.
For more information contact: Ole Ronny Thorsnes, CFO: +47 91 86 66 97 / ole.thorsnes@thinfilm.no
5 May 2017 Thin Film Electronics ASA
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
