Norwegian Finans Holding ASA : Resolution to issue new shares under the incentive scheme for key employees
The Company has now determined the bonus for key management for 2016 based on the incentive scheme for key management of the Company and Bank Norwegian AS ("Bank Norwegian"). Based on this scheme, a part of each employee's bonus claim shall be utilized to acquire new shares in the Company.
Consequently, the board of directors has, on June 22, 2017, resolved a capital increase of NOK 70,193 by issuance of 70,193 new shares, each with a par value of NOK 1. The new shares are issued on the condition that the Financial Supervisory Authority in Norway approves the capital increase and the capital increase is registered with the Norwegian Register of Business Enterprises. Provided that the capital increase is approved, the new share capital in the Company, following registration, will be NOK 186,688,897, divided into 186,688,897 shares.
The subscription price for the shares to be allocated this year is NOK 66.71 per share. This subscription price has been based on the market value during the relevant time period in accordance with the Company's guidelines.
The capital increase was resolved by the Company's board under a mandate to increase the share capital by issuance of new shares, and which was granted to the board by the Company's annual general meeting at May 10, 2017.
Since the employees' bonus claims are against Bank Norwegian, the Company has assumed these obligations pursuant to an agreement with Bank Norwegian in order to make possible debt conversion as settlement mechanism for the new shares.
The following primary insiders have been allotted shares by the Company at a rate of NOK 66.71 per share:
Pål Svenkerud has been allotted 23,294 aksjer, new shareholding amounts to 1,226,457 shares.
Tore Andresen has been allotted 16,569 aksjer, new shareholding amounts to 1,102,655 shares.
Tore Widding has been allotted 14,740 aksjer, new shareholding amounts to 436,220 shares.
Merete Gillund has been allotted 10,287 aksjer, new shareholding amounts to 520,398 shares.
Fredrik Mundal has been allotted 3,039 aksjer, new shareholding amounts to 8,796 shares.
Kristin Thorstensen has been allotted 2,264 aksjer, new shareholding amounts to 14,462 shares.
Pål Svenkerud, CFO in Bank Norwegian
Tel.: +47 934 03 904
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Source: Norwegian Finans Holding ASA via Globenewswire