End of stabilisation period and partial exercise of greenshoe option. Company announcement No. 18
Oslo, 18 June 2021: Reference is made to the stock exchange release by ECIT AS (the "Company" or "ECIT") on 20 June 2021, regarding potential stabilisation activities in connection with a private placement in the Company (the "Offering") and the admission to trading of the Company's shares on Euronext Growth Oslo.
Arctic Securities AS (the "Stabilisation Manager"), acting as stabilisation manager in connection with the Offering on behalf of the Managers (as defined below), hereby gives notice that the stabilisation period has ended. Stabilisation activities have been undertaken on Euronext Growth Oslo from and including 20 May 2021 to and including 18 June 2021. A total of 5,606,519 shares in the Company have been purchased as part of the stabilisation activities. The shares were purchased at a volume weighted average price of NOK 7.9630 per share and within the daily price ranges set out in the attached stabilisation notice.
In order to permit redelivery of 6,250,000 shares in the Company which were borrowed from Anglo Supply AS (the "Share Lender"), the Stabilisation Manager, on behalf of the Managers, has on 18 June 2021 informed the Company that it will exercise the greenshoe option partly to subscribe and purchase shares in the Company from ECIT. 643,481 new shares in the Company will be subscribed and purchased from the Company under the greenshoe option at the offer price of NOK 8 per share.
The shares subscribed and purchased under the greenshoe option will together with the shares purchased through stabilisation activities be redelivered to the Share Lender in accordance with the terms of the share lending and greenshoe option agreement entered into between the Company, the Share Lender and the Managers in connection with the Offering.
ABG Sundal Collier ASA and Arctic Securities AS acted as Joint Global Coordinators and Joint Bookrunners for the Offering (the "Managers").
For further information, please contact:
Arctic Securities AS
Joakim Hald Andersen
Tel: +47 21 01 31 92
This information is subject of the disclosure requirements pursuant to Commission Delegated Regulation (EU) 2016/1052 of 8 March 2016 sections 6 (3) and 8.
This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering or its securities in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to "qualified institutional buyers" as defined in Rule 144A under the Securities Act.
In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression "Prospectus Regulation" means Regulation 2017/1129 as amended together with any applicable implementing measures in any Member State. This communication is only being distributed to and is only directed at persons in the United Kingdom that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only for relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will", "may", "continue", "should" and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in investment levels and need for the Company's services, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company's ability to attract, retain and motivate qualified personnel, changes in the Company's ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not provide any guarantees that the assumptions underlying the forward-looking statements in this announcement are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this announcement or any obligation to update or revise the statements in this announcement to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.
The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement. Neither of the Joint Global Coordinators nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.
This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities in the Company. Neither the Joint Global Coordinators nor any of their respective affiliates accepts any liability arising from the use of this announcement.
Any questions may be addressed to Chief Operating Officer Christine Lundberg
Larsen, firstname.lastname@example.org, +47 452 11 552