Kitron: KIT – Issue of shares under share incentive program

(2019-05-31) Reference is made to Kitron ASA's previous disclosures regarding its share incentive program. Kitron has received exercises notices from the participants in the share incentive program and Kitron's board of directors has consequently resolved to issue 2,911,379 new shares. The shares are issued to the option holders at a strike price of NOK 0.10 per share pursuant to the board authorisation resolved in Kitron's general meeting held 30 April 2019.

In addition, Kitron has decided to convert 2,027,358 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. The conversion of options is made at NOK 8.97, which is equal to the closing price on Oslo Børs on 29 May, 2019 less the strike price of NOK 0.10 per share.

The following primary insiders and management have exercised options and subscribed for shares in the share capital increase:

After the share option exercise, Kitron has no outstanding rights to subscribe for shares.

Kitron has furthermore 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.

For further information, please contact:

Tuomo Lähdesmäki, Chairman of the Board of Kitron
Tel.: +358-50-5879648
E-mail: investorrelations@kitron.com
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. www.kitron.com

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