Borgestad ASA — AGM Information 2024

Jun 3, 2024

Borgestad ASA: Annual general meeting held

Borgestad ASA: Annual general meeting held

Borgestad, 3 June 2024: The annual general meeting of Borgestad ASA (the "Company") was held today, on 3 June 2024 at 12:00 (CEST), at the Company's premises in Gunnar Knudsens veg 144, Skien, Norway.

The annual general meeting resolved, amongst other, to adopt a consolidation of the Company's shares (reverse share split) in the ratio 40:1 to meet the Oslo Stock Exchange's requirement of a minimum market value of NOK 1 per share. To facilitate the share consolidation, the general meeting resolved to increase the Company's share capital by NOK 9.75 through the issue of 39 new shares, each with a nominal value of NOK 0.25, in order to obtain a total number of shares divisible by 40. The Company will issue a separate stock exchange announcement with the key dates for the share consolidation once such dates have been determined.

The general meeting also resolved to reduce the nominal value of the Company's shares NOK 10 to NOK 1 per share through a share capital reduction following the share consolidation. The share capital reduction may first be completed following the expiry of a six week creditor notification period, cf. Section 12-6 of the Norwegian Public Limited Companies Act.

The proposals regarding authorisations to the board of directors to (i) increase the share capital in connection with financing of further growth, acquisitions of companies and mergers, and (ii) acquire treasury shares, were not approved. Furthermore, the proposal to approve a loan to a new Head of M&A, Investor Relations and Corporate Development in the Borgestad group was withdrawn as such position has not yet been filled. All other proposals on the agenda were approved with the required majority.

The minutes of the 2024 annual general meeting are attached to this announcement and will be made available on the Company's website www.borgestad.no.

For further information, please contact:

Pål Feen Larsen, CEO of Borgestad ASA

Tel.: +47 48 84 53 33

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

About Borgestad| www.borgestad.no

Borgestad ASA (OSE:BOR) is an investment company focused on real estate and industry. The key investments include Agora Bytom shopping center and the leading refractory manufacturer Höganäs Borgestad.

About Höganäs Borgestad | www.hoganasborgestad.com

Höganäs Borgestad develops, manufactures and delivers refractory products, installations and turnkey solutions that enhance the productivity and competitiveness of industrial customers. The aim is to contribute to the customers' profitability by providing high-value refractory solutions to their challenges. Today, the company is a leading supplier in the refractory market of the Nordic countries and has a global presence in a number of selected application areas.