Thin Film Electronics ASA has announced that Woodford Investment Management has agreed to acquire 120,000,000 new shares in Thinfilmin a private placement at a subscription price of NOK 3.00 per share totalling NOK 360,000,000 (USD 42 million).
Upon completion of the transaction, Woodford will hold 17.8% of the shares in the Company. Upon subscription in the offering, Woodford will also receive 40,000,000 warrants, each with an exercise price of NOK 4.50. The warrants are exercisable after a 12-month holding period, and expire in two years.
The issuance of shares and warrants is subject to the approval of an extraordinary general meeting in Thinfilm. An EGM will be called for as soon as practical and will take place on or about 15 March 2016. Completion of the private placement is conditional upon EGM approving the transaction.
"Woodford Investment Management is one of the UK's leading fund managers and its founder has a history of identifying compelling opportunities," said Davor Sutija, CEO of Thinfilm. "We believe this investment is a strong endorsement of Thinfilm's unique technology and its prospects for future success."
Source and top image: Thin Film Electronics ASA