Arribatec Group ASA — Major Shareholding Notification 2019

Sep 5, 2019

Disclosure of large shareholding and mandatory notification of trade

Disclosure of large shareholding and mandatory notification of trade

Reference is made to the stock exchange announcement from Hiddn Solutions ASA (the "Company")on 4 September 2019, regarding approval of a private placement of NOK 8,550,000 in the Company, including a debt conversion of NOK 1,652,700 (the "Private Placement"), by issuance of 8,550,000 new shares in the Company at a subscription price equaling the new resolved nominal value of the Company's shares of NOK 1.00 (the "New Shares").

The information set out below is notifiable by law in connection with the Private Placement. The information below takes into consideration all resolutions made by the Company's extraordinary general meeting today on 4 September 2019, including the resolved, but not completed, 20:1 reverse share split of the Company's shares giving the Company's shares a new nominal value of NOK 1. Please refer the announcement from the Company earlier today for further information on the resolutions made by the extraordinary general meeting.

Chairman of the board in the Company, Øystein Tvenge, has been allocated 547,300 New Shares in the Private Placement. Furthermore. Intelco Concept AS ("Intelco"), a company represented in the Company's board by Mr. Tvenge, has been allocated 1,100,000 New Shares in the Private Placement. After this, Mr. Tvenge's personal shareholding in the Company has increased from 55,890 shares (after 20:1 reverse split) to 603,200 shares, entailing an increase in ownership percentage from approximately 1.0% to approximately 4.2% of the Company' share capital, while Intelco's shareholding has increased from 140,239 (after 20:1 reverse split) to 1,240,239 shares in the Company, entailing an increase of Intelco's ownership percentage in the Company from approximately 2.4% to approximately 8.7% of the Company' share capital. At the same time, the ownership percentage in the Company of Mr. Tvenge and Intelco through their Lombard International Assurance Policy Accounts have decreased by reason of the share capital decrease and Private Placement, after which Mr. Tvenge's shareholding on such account of 175,000 shares (after 20:1 reverse split) has decreased from approximately 3.0% to approximately 1.2% of the share capital, while Intelco's shareholding on such account of 555,298 shares (after 20:1 reverse split) has decreased from approximately 9.6% to approximately 3.9% of the share capital of the Company. Hence, Lombard International Assurance is now holding a total of 5.10% of the total outstanding shares in the Company. In aggregate, Mr. Tvenge personally and indirectly through his Lombard International Assurance Policy Account holds approximately 5.4% of the Company's share capital, while Intelco directly and through its Lombard International Assurance Policy Account approximately holds 12.5% of the Company's share capital.

In addition to the above mandatory notification, the following thresholds notifiable by law are passed in connection with the Private Placement:

Fara Holdco Ltd has been allocated 2,000,000 New Shares, entailing an ownership percentage of approximately 14.0% of the Company's share capital. Fara Holdco Ltd does not hold any shares prior to the Private Placement.

Dallas Asset Management AS current shareholding of 393,215 shares (after 20:1 reverse split) in the Company has decreased from approximately 6.8% to approximately 2.7% of the share capital of the Company.

Aabø-Evensen & Co Advokatfirma AS (“AAECO”) has been allocated 1,652,700 New Shares in connection with the debt conversion of the Private Placement. After completion and registration of the resolutions by the extraordinary general meeting of the Company as described above, AAECO will own 1,652,700 shares in the Company, constituting approximately 11.5% of the share capital of the Company. AAECO does not hold any shares in the Company prior to the debt conversion.