Increase of Share Capital in Connection with Realization of the Employee Option Programme and Subscription Results
25 July 2023 - 8:38PM
Increase of Share Capital in Connection with Realization of the
Employee Option Programme and Subscription Results
The Supervisory Board of AS Harju Elekter Group
decided to increase the share capital of the company by 131,835.06
euros by issuing new ordinary shares. The increase of the share
capital was triggered by the need to issue new shares to the key
persons of Harju Elekter Group, incl. the members of the governing
bodies, leading specialists, and engineers, participating in the
option program approved with the resolution of the general meeting
on 3 May 2018.
A total of 41 current and former employees of
Harju Elekter participated in the issue of AS Harju Elekter Group
shares total of 209,262 shares for a total of 929,123.28 euros.
A total of 82,306 shares were not subscribed.
Decisions of the Supervisory Board of AS
Harju Elekter Group:
- Harju Elekter's
share capital will be increased by a maximum of 131,835.06 euros,
i.e., from 11,522,390.04 euros to 11,654,225.10 euros.
- The share
capital will be increased by way of issuing new shares (ISIN:
EE3100004250). During the increase of the share capital to issue
209,262 new ordinary shares of Harju Elekter, with a book value of
0.63 euros per share. The increase of the share capital and payment
for the new shares will be carried out fully by way of monetary
contribution. The shares will be issued with a share premium. The
issue price is 4.44 euros per share, with a book value of the share
amounting to 0.63 euros and the share premium to 3.81 euros.
- After the
increase of the share capital, Harju Elekter has a total of
18,498,770 ordinary shares without nominal value. The increase of
Harju Elekter’s share capital will not create any exceptions or
special rights in connection with the ordinary shares. The new
shares to be issued during the increase of share capital shall
grant the right to dividend for the financial year starting on 1
January 2023.
- Pursuant to the
resolution of the general meeting of 3 May 2018, which approved
Harju Elekter's share option program and its basic conditions, the
key persons of enterprises belonging to the same group as Harju
Elekter incl. the members of the governing bodies, leading
specialists, and engineers, as determined by Harju Elekter's
Supervisory Board and with whom Harju Elekter has concluded the
relevant option agreements shall have the pre-emptive right
to subscribe Harju Elekter's new shares. Harju Elekter's
shareholders, who are not intended to benefit from share option
program approved with the resolution of the general meeting of 3
May 2018, shall not have any pre-emptive right to subscribe Harju
Elekter's shares within the framework of the increase of the share
capital.
- The due date for
exercising the pre-emptive right of subscription and the due date
for subscribing shares was 14 July 2023. The option beneficiaries
submitted their subscription notes in a timely manner and made
payments for the subscribed shares.
- To grant to
Harju Elekter’s management board a right to cancel the new shares
which have not been subscribed for during the subscription
period. The board may exercise the aforementioned right within
15 days after the end of the subscription period.
All new shares of Harju Elekter issued during
the share issue will be listed on Nasdaq Tallinn on the day
following the date on which the additionally issued shares with
temporary ISINs have been included in the Estonian Central
Securities Depository (Nasdaq CSD) together with the previously
issued shares with main ISINs.
Harju Elekter is an international industrial
group with extensive experience in providing future proof solutions
for electrical power distribution. We engineer, manufacture, and
install electrification solutions for utilities, industries,
infrastructure, public and commercial buildings. The entities of
Harju Elekter Group in Estonia, Finland, Sweden, and Lithuania
employ around 900 people, and the Group’s revenue in the first
quarter of 2023 was 45.3 million euros.
Ursula PõldLawyer+372 53
014616ursula.pold@harjuelekter.com
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