NORWEGIAN FINANS HOLDING ASA: Resolution to issue new shares under the incentive scheme for key employees


NORWEGIAN FINANS HOLDING ASA: Resolution to issue new shares under the incentive scheme for key employees

Norwegian Finans Holding ASA ("the Company") has now determined the bonus for key management for 2019 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 settled by shares in the Company.

Consequently, the board of directors has, on 22 June 2020, resolved a capital increase of NOK 152,412 by issuance of 152,416 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 186,904,268 divided into 186,904,268 shares.

The subscription price for the shares to be allocated is NOK 39.75 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 29 April 2020.

Since the employees' bonus claims are against Bank Norwegian, the Company has assumed these obligations pursuant to an agreement with Bank Norwegian to make possible a debt conversion as settlement mechanism for the shares.


The following primary insiders have been allotted shares by the Company:

Tine Wollebekk has been allotted 34,074 shares, new shareholding amounts to 88,281 shares.

Pål Svenkerud has been allotted 30,807 new shares, new shareholding amounts to 996,103 shares.

Tore Andresen has been allotted 31,166 shares, new shareholding amounts to 1,103,185 shares.

Fredrik Mundal has been allotted 24,441 shares, new shareholding amounts to 52,412 shares.

Peer Timo Andersen-Ulven has been allotted 18,300 shares, new shareholding amounts to 25,607 shares.

Kristin Thorstensen has been allotted 5,870 shares, new shareholding amounts to 26,593 shares.

Frode Bjørnstad has been allotted 7,094 shares, new shareholding amounts to 10,941 shares.

Guri Aunan has been allotted 335 shares, new shareholding amounts to 2,985 shares.

Jorid Røen has been allotted 325 shares, new shareholding amounts to 325 shares.

 

Contact person:

Mats Benserud, Head of Treasury in Bank Norwegian

Tel.: +47 958 91 539

Email: mbe@banknorwegian.no


This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act