Kitron Issues Shares Under Share Incentive Program


Reading time ( words)

Kitron's board of directors has approved the issuance of 2,911,379 new shares in line with the exercises notices received from the participants in the share incentive program. The shares are issued to the option holders at a strike price of NOK0.10 per share, pursuant to the board authorization resolved in Kitron's general meeting held April 30, 2019.

In addition, Kitron has decided to convert 2,027,358 options under the share incentive program against cash consideration, which will be utilized to cover the tax cost for the option holders that will be subject to advance tax deduction by Kitron after the exercise of the options. The conversion of options is made at NOK8.97, which is equal to the closing price on Oslo Børs on May 29, 2019, less the strike price of NOK0.10 per share.

Kitron has also resolved to exercise a 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.

About Kitron

Kitron is one of Scandinavia's leading electronics manufacturing services companies for the Energy/Telecoms, Industry, Defence/Aerospace, 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 2.6 billion in 2018 and has about 1,700 employees.

Share

Print


Suggested Items

Zentech's Mission-critical Tips for Program Success

05/03/2019 | Nolan Johnson, I-Connect007
Nolan Johnson and John Vaughan, I-Connect007 columnist and VP of sales and marketing at Zentech Manufacturing, discuss how to make customer programs successful through early communication, complete design packages, and more from a company servicing mission- and life-critical industries, including military, aerospace, and medical.

A Young Engineer’s Perspective

04/15/2019 | Barry Matties, I-Connect007
Jeffrey Diament, a recent Princeton University graduate and an engineering associate from sensor manufacturer Instrumems, talks about the company’s nanowire sensing platform that can measure velocity, temperature, and humidity. Being his first career job out of college, Diament discusses his experience on the hardware and manufacturing side of things and offers advice to other young professionals.

IPC Working to Revive Lead-Free R&D in High-Reliability Sectors

04/10/2019 | Chris Mitchell, IPC VP, Global Government Relations
Ask yourself the following question: Why is it that the aerospace, defense and high performance (ADHP) electronics sectors remain reliant on lead solders and components even as the commercial sector has largely phased out their use?



Copyright © 2019 I-Connect007. All rights reserved.