Share capital increase in connection with the completion of the employee option program and underwriting results

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The Supervisory Board of AS Harju Elekter has decided to increase the company’s share capital by 170,700.39 euros by issuing new ordinary shares. The increase in share capital was triggered by the need to issue new shares to key persons of the Harju Elekter Group, incl. members of governing bodies, leading specialists and engineers, participating in the option program approved by decision of the general meeting of May 3, 2018.

A total of 75 current and former employees of Harju Elekter participated in the issuance of AS Harju Elekter shares in a total of 270,953 shares for a total of 1,078,392.94 euros. In total, 26,247 shares were not subscribed.

Decisions of the Supervisory Board of AS Harju Elekter:

1. The share capital of Harju Elekter will be increased by a maximum of 170,700.39 euros, ie from 11,351,689.65 euros to 11,522,390.04 euros.
2. The share capital will be increased by issuing new shares (ISIN: EE3100004250). Upon capital increase to issue 270,953 new ordinary shares of Harju Elekter, with a book value of 0.63 euros per share. The increase in share capital and the payment of new shares will be carried out entirely by monetary contribution. The shares will be issued with an issue premium. The issue price is 3.98 euros per share, the book value of the share being 0.63 euro and the issue premium 3.35 euros.
3. After the share capital increase, Harju Elekter holds a total of 18,289,508 ordinary shares without par value. The increase in the share capital of Harju Elekter will not create any exceptions or special rights in connection with the ordinary shares. The new shares to be issued during the capital increase will carry dividend rights for the fiscal year beginning on January 1, 2022.
4. In accordance with the decision of the general meeting of May 3, 2018, which approved the stock option program of Harju Elekter and its basic conditions, the key persons of the companies belonging to the same group as Harju Elekter incl. members of the governing bodies, key specialists and engineers, as determined by the Supervisory Board of Harju Elekter and with whom Harju Elekter has entered into the relevant option agreements, will have the right of first refusal to subscribe for the new shares of Harju Elekter . Harju Elekter shareholders, who are not intended to benefit from the stock option program approved by the resolution of the general meeting of May 3, 2018, will not have any preferential subscription rights to Harju Elekter shares under the increase in share capital.
5. The deadline for exercising preferential subscription rights and the deadline for subscription to shares were set at July 15, 2022. The beneficiaries of the options submitted their subscription forms on time and paid for the shares subscribed.
6. Grant Harju Elekter’s management board the right to cancel new shares that have not been subscribed during the subscription period. The Board may exercise this right within 15 days after the end of the subscription period.

All new shares of Harju Elekter issued in the share issue will be listed on Nasdaq Tallinn on the day following the date on which the additional shares issued with temporary ISIN codes have been included in the Estonian central securities depository (Nasdaq CSD ) with previously issued shares. shares with major ISINs.

Harju Elekter is an international industrial group with more than 50 years of experience, whose main activity is the development and production of electrical and automation equipment. Part of Harju Elekter’s technical solutions are aimed at the renewable energy sector, offering complete plans for solar power plants, electric vehicle charging stations and other related solutions. Its factories in Estonia, Finland, Sweden and Lithuania employ approximately 900 people and the Group’s turnover for the first quarter of 2022 was 37.3 million euros. Harju Elekter shares are listed on the Nasdaq Tallinn Stock Exchange.

Ursula Jon
Lawyer
+372 674 713
[email protected]

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