Scatec Solar ASA: Exercise of employee share options and share capital increase
Oslo, February 5, 2018: The Board of Directors of Scatec Solar ASA ("Scatec Solar") has resolved to issue 216,202 shares to key employees following exercise of employee share options, pursuant to the company's share option program established in 2016.
Through share option exercise, Scatec Solar is increasing the number of shares by 0,2% to 103,412,432.
Upon exercise, all primary insiders are utilising the after-tax gain from the option program to buy new shares. This implies that some shares are sold to fund the tax on the options gain as is customary when exercising share options.
Exercise of options by primary insiders:
Raymond Carlsen, Chief Executive Officer, has exercised options for 38,775 shares.
Terje Pilskog, EVP Project Development & Project Finance, has exercised options for 25,979 shares.
Roar Haugland, EVP Business Development has exercised options for 22,420 shares.
Mikkel Tørud, Chief Financial Officer has exercised options for 29,843 shares.
Torstein Berntsen, EVP Power Production & Asset Management has exercised options for 24,636 shares.
Snorre Valdimarsson, EVP General Counsel has exercised options for 22,420 shares.
The primary insiders mentioned above transferred their rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party in the market. The results of the sales process and final number of new shares for primary insides will be announced in a sperate stock exchange notice when known.
Primary insider holdings after the option exercise, but before completing sales and purchases of shares:
Raymond Carlsen holds: (i) 2,794,535 shares in Scatec Solar through Argentos AS, (ii) 77,551 unexercised options at a strike price of NOK 28.86, (iii) 76,098 unexercised options at a strike price of NOK 48.43.
Terje Pilskog holds: (i) 515,247 shares in Scatec Solar through Océmar AS, (ii) 51,959 unexercised options at a strike price of NOK 28.86, (iii) 48,601 unexercised options at a strike price of NOK 48.43.
Roar Haugland holds: (i) 258,155 shares in Scatec Solar through Buzz Aldrin AS, (ii) 24,841 unexercised options at a strike price of NOK 28.86, (iii) 43,579 unexercised options at a strike price of NOK 48.43.
Mikkel Tørud holds: (i) 308,283 shares in Scatec Solar, (ii) 59,686 unexercised options at a strike price of NOK 28.86, (iii) 55,831 unexercised options at a strike price of NOK 48.43.
Torstein Berntsen and associated parties holds: (i) 703,140 shares in Scatec Solar, (ii) 49,272 unexercised options at a strike price of NOK 28.86, (iii) 46,090 unexercised options at a strike price of NOK 48.43.
Snorre Valdimarsson holds: (i) 22,640 shares in Scatec Solar, (ii) 44,841 unexercised options at a strike price of NOK 28.86, (iii) 43,579 unexercised options at a strike price of NOK 48.43.
All options granted to primary insiders as mentioned above are granted in accordance with the company's share option program established in 2016, as described in the company's annual financial statements for 2016. Please also refer to the announcements made by the company on 6 October 2016 and 3 January 2018 for additional details regarding options held by primary insiders.
Share capital after the option exercise:
Scatec Solar's share capital will be increased with NOK 5,405.05, by issuing 216,202 new shares at a subscription price of NOK 28.86. Following completion of the share capital increase, the company's share capital will be NOK 2,585,310.80 divided on 103,412,432 shares, each with a nominal value of NOK 0.025.
For further information, please contact:
Mr. Mikkel Tørud, CFO, tel: +47 976 99 144, firstname.lastname@example.org
About Scatec Solar:
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 1000 MW.
The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are under construction.
With an established global presence, the company is growing briskly with a project backlog and pipeline of 1.5 GW under development in the Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.
To learn more, visit www.scatecsolar.com.
This information is subject to disclosure pursuant to section 4-2 of the Norwegian Securities Act and the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.