The Supervisory Board of AS Harju Elekter decided to increase the share capital of the company by 170,700.39 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 75 current and former employees of Harju Elekter participated in the issue of AS Harju Elekter shares total of 270,953 shares for a total of 1,078,392.94 euros. A total of 26,247 shares were not subscribed.
Decisions of the Supervisory Board of AS Harju Elekter:
- Harju Elekter’s share capital will be increased by a maximum of 170,700.39 euros, i.e., from 11,351,689.65 euros to 11,522,390.04 euros.
- The share capital will be increased by way of issuing new shares (ISIN: EE3100004250). During the increase of the share capital to issue 270,953 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 3.98 euros per share, with a book value of the share amounting to 0.63 euros and the share premium to 3.35 euros.
- After the increase of the share capital, Harju Elekter has a total of 18,289,508 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 started on 1 January 2022.
- 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 15 July 2022. 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 more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of the technical solutions of Harju Elekter are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations, and other related solutions. Its factories in Estonia, Finland, Sweden, and Lithuania employ approximately 900 employees, and the Group’s revenue for Q1 2022 was 37.3 million euros. The shares of Harju Elekter are listed on the Nasdaq Tallinn Stock Exchange.
Ursula Joon
Lawyer
+372 674 713
ursula.joon@harjuelekter.com
