Kitron ASA is a publicly listed company on the Oslo Stock Exchange (ticker code: KIT) in the OB Standard segment. The company is governed by Norwegian law.
During 2016 the share price moved from NOK 3.90 to NOK 6.03, an increase of 54.6 per cent. The Oslo Børs Main Index increased by 12.1 per cent during the same period. The share price has varied between NOK 3.60 and NOK 6.30. At the end of 201, the company’s market capitalisation was NOK 1 060.4 million. A total of 181.2 million shares were traded during the year, corresponding to a turnover rate of 102.8 per cent.
Kitron ASA has one single class of shares.
Each share carries one vote at the company’s general meeting.
The shares are freely negotiable.
No restrictions on negotiability are included in the Articles of Association.
Share capital as at 2 November 2016: NOK 17 619 261.10
Number of shares: 176 192 611
Nominal value: NOK 0.10 each.
The Annual General Meeting in April 2013 approved the introduction of a share option program for executive management comprising up to 5 485 000 shares. The share option program entailed that executive management, on certain terms, may be granted the right to subscribe to new shares in the Company at a price of NOK 0.10 per share after a vesting period of three years. The number of options vested was inter alia linked linearly to the development of the price of the Company’s shares on Oslo Børs. On 24 October 2016 the Kitron’s board of directors resolved to issue 3 230 986 new shares in the company to the option holders at a strike price of NOK 0.10 per share. The issue of shares was made pursuant to the board authorisation to issue shares resolved in Kitron’s general meeting held 21 April 2016. In addition Kitron decided to terminate 2 254 014 options under share incentive program against cash consideration. The share capital increase was registered with the Norwegian Register of Business Enterprises 2 November 2016.
In 2015 the Board introduced a new share option program for executive management comprising up to 5 500 000 shares running for three years from the start of the second calendar quarter 2016. The share option program entails that executive management, on certain terms, may be granted a right to subscribe for shares in Kitron at NOK 0.10 per share after a vesting period of three years. The number of options that are vested is inter alia linked linearly to the development of the share quote of the Kitron shares at the Oslo Stock Exchange. Per 31 December 2016, 4 250 000 options have been allocated to the executive management, where of 4 150 000 options are granted.
As per date, 4 250 000 options have been allocated to executive management in total and 1 250 000 options remain un-allocated.