Increase of Share Capital in Connection with Realization of the Employee Option Programm and Subscription Results
Increase of Share Capital in Connection with Realization of the Employee Option Programm and Subscription Results
The Supervisory Board of AS Harju Elekter Group decided to increase the share
capital of the company by 17,010 euros by issuing new ordinary shares. The
increase in the share capital is due to the need to issue new shares to the
management board members and key personnel of Harju Elekter and its subsidiaries
participating in the option program approved with the resolution of the general
meeting on 29 April 2021.
A total of 4 current and former employees of Harju Elekter participated in the
share issue related to the implementation of the option program, who subscribed
for a total of 27,000 shares for a total of 121,500 euros. A total of 57,500
shares were not subscribed.
Decisions of the Supervisory Board of AS Harju Elekter Group:
- Harju Elekter's share capital will be increased by a maximum of 17,010
euros, i.e., from 11,654,225.10 euros to 11,671,235.10 euros.
- The share capital will be increased by way of issuing 27,000 new ordinary
shares (ISIN: EE3100004250) with a book value of 0.63 euros per share. The
shares will be issued with a share premium. The issue price is 4.50 euros
per share, with a book value of the share amounting to 0.63 euros and the
share premium to 3.87 euros.
- The increase in the share capital and payment for the new shares will be
carried out fully by way of monetary contribution. The payment deadline for
the newly subscribed shares is July 4, 2025. After the increase of the share
capital, Harju Elekter has a total of 18,525,770 ordinary shares without
nominal value.
- Pursuant to the resolution of the general meeting of 29 April 2021, which
approved Harju Elekter's share option program and its basic conditions, the
pre-emptive right to subscribe for new shares belongs to the management
board members and key personnel of Harju Elekter and its subsidiaries, as
determined by the supervisory board of Harju Elekter, with whom the
respective option agreements have been concluded.
- Harju Elekter's shareholders, who are not covered by the share option
program, shall not have any pre-emptive right to subscribe for new shares
issued during the increase of the share capital.
- The due date for exercising the pre-emptive right of subscription and the
due date for subscribing to shares was 25 June 2025. The option
beneficiaries submitted their subscription notes in a timely manner. As part
of the new share issue of Harju Elekter, 10 option holders did not submit
their subscription applications, and 1 option holder subscribed only
partially for the options granted under their option agreement. The
unsubscribed options, in total amounting to 57,500, will be cancelled.
- 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 starting on 1 January 2025.
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.
Tiit Atso
Chairman of the Management Board
+372 674 7400