Techstep ASA — M&A Activity 2019

Dec 13, 2019

Acquisition of additional shares in Techstep Finance AS and issuance of consideration shares. Disclosure of large shareholding for primary insider.

Acquisition of additional shares in Techstep Finance AS and issuance of consideration shares. Disclosure of large shareholding for primary insider.

Techstep ASA ("Techstep" or the "Company") has today entered into and completed

an agreement to acquire 3,000 shares in Techstep Finance AS from Bridge Capital

AS, representing 30% of the shares in Techstep Finance AS, for a purchase price

of NOK 12,000,000. Following the completion, Techstep owns 80% and Bridge

Capital AS owns 20% of the shares in Techstep Finance AS.

The purchase price is settled by issuance of new Techstep shares, and the board

of directors of Techstep has thus resolved to issue 3,738,317 new shares at a

par value of NOK 1 per share (the "Consideration Shares") to Bridge Capital AS.

The Consideration Shares are issued pursuant to the existing authorization for

the Company's board of directors to increase the share capital, as adopted at

the ordinary general meeting held on 25 April 2019. Following the resolution,

Techstep's new share capital is NOK 162,795,337 divided into 162,795,337 shares,

each with a par value of NOK 1. The Company will register the new share capital

with the Norwegian Register of Business Enterprises, and issue a separate

announcement when the registration of the share capital increase is completed.

Once the registration of the share capital increase is completed, the

Consideration Shares will be registered in the Norwegian Central Securities

Depository and admitted to trading on the Oslo Stock Exchange.

Following the share capital increase, Datum AS' ownership of 31,817,975 shares

in the Company has decreased from 20.00% to 19.54% of the outstanding shares in

the Company. Datum AS is owned by the deputy board member Jan Haudemann

-Andersen. Following the share capital increase, Jan Haudemann-Andersen's

indirectly ownership of in aggregate 33,417,975 shares in Techstep, represents

20.53% of the shares and votes of the Company. The number of shares held

indirectly has not changed as a result of the share capital increase. The shares

are held through Datum AS (31,817,975 shares) and Datum Vekst AS (1,600,000

shares).

For more information, please contact:

Jens Haviken, CEO of Techstep: +47 930 90 070

Marius Drefvelin, CFO of Techstep: +47 958 95 690

This information is subject to the disclosure requirements pursuant to Section 5

-12 and 4-3 of the Norwegian Securities Trading Act.