Kitron: Issue of shares under share incentive program

(2016-10-25) Reference is made to Kitron ASA's ("Kitron") previous disclosures regarding its share incentive program. Kitron has today received exercises notices from the participants in the share incentive program and Kitron's board of directors has consequently resolved to issue 3 230 986 new shares in the company to the option holders at a strike price of NOK 0.10 per share. The issue of shares is made pursuant to the board authorisation to issue shares resolved in Kitron's general meeting held 21 April 2016.

In addition, Kitron has decided to terminate 2 254 014 options under the share incentive program against cash consideration. The cash consideration will be utilised to cover the tax cost for the option holders which will be subject to advance tax deduction by Kitron after exercise of the options. In connection with the termination of options Kitron has used closing price as at 24 October 2016 for the Kitron shares a reference value for the terminated options.

The following primary insiders have exercised options and subscribed for shares in the

 Number of shares subscribed forHolding of shares after subscriptionHolding of rights to shares
CEO and President Peter Nilsson973 8761 148 8761 000 000
CFO Cathrin Nylander420 064515 064350 000
COO Israel Losada Salvador420 064460 064350 000
Tommy Storstein, Sales Director Kitron ASA297 176297 176250 000
Hans Petter Thomassen, Managing Director Kitron Norway177 242177 242300 000
Mindaugas Sestokas, Managing Director Kitron Lithuania452 353452 353300 000
Thomas Löfgren, Managing Director Kitron Sweden286 041286 041300 000
Zygimantas Dirse, Managing Director Kitron China204 170204 170150 000

Kitron has furthermore resolved to exercise the right under the share incentive program to implement trading restrictions on the shares issued under the abovementioned share capital increase. All shares issued will be subject to trading restrictions with a duration of two years; however, so that one eighth of the total number of new shares will vest and become tradable each quarter.

For further information please contact:
Tuomo Lähdesmäki, Chairman Kitron ASA, Tel.: +358-50-5879648.

Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Defence/Aerospace, Energy/Telecoms, Industry, Medical devices and Offshore/Marine sectors. The company is located in Norway, Sweden, Lithuania, Germany, China and the United States. Kitron had revenues of about NOK 1.95 billion in 2015 and has about 1 250 employees.  

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

This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Kitron ASA via GlobeNewswire