NORBIT – Share issue in connection with incentive programs to employees
Trondheim, 4 July 2023: The Board of Directors of NORBIT ASA (the ‘Company’) has decided to approve an incentive share purchase program for all eligible employees in the NORBIT group of companies. In total, 183 employees participated in the program.
The share purchase program is structured as a share matching program where participants are offered the opportunity to acquire shares at market value, and in turn, obtain a right to receive compensation in new shares equivalent to their invested amount after 24 months if certain conditions are met.
In this year’s program a total of 142,727 shares have been subscribed for. Upon allocation, the subscription price of the shares was set to NOK 56.49, which corresponds to the five-day average volume weighted price of NORBIT ASA’s share prior to 26 June 2023.
In addition, and with reference to the stock exchange notice dated 2 July 2021, the Board of Directors has decided to award shares to eligible employees who participated in the share matching program in 2021. A total of 120,845 shares will be issued at par value as a result of the award.
In connection with the share issues, the Board of Directors of the Company has resolved to increase the Company’s share capital by NOK 26,357.20 through the issuance of 263,572 new shares, each with a par value of NOK 0.10. The resolution is based on the authorisation to increase the share capital granted by the Company’s general meeting on 4 May 2023.
Following registration of the share capital increase with the Norwegian Register of Business Enterprises, the Company will have a share capital of NOK 5,982,074.70, divided into 59,820,747 shares, each with a par value of NOK 0.10.
Certain of the primary insiders have agreed with the Company that the Company will purchase a portion of the shares awarded under the matching program 2021 to cover tax liabilities. In aggregate, the Company will purchase 10,986 shares at a price of NOK 52.65 per share.
Following completion of the above-mentioned transactions, the relevant primary insiders together with their related parties, will hold the following number of shares in the Company:
Per Kristian Reppe, Group Chief Financial Officer: 66,701 shares
Peter Eriksen, Business Unit Director Oceans: 819,370 shares
Julie Dahl Benum, Director of Strategy and ESG: 1,150 shares
Sture Ingdal, Finance Director: 7,390 shares
Arild Søraunet, Group Chief Technical Officer: 739,448 shares
For further details on shares subscribed for and awarded to by primary insiders of the Company and the share sales to the Company, please see the attached forms.
For more information, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203
About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.
For more information: www.norbit.com
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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