IDEX: Grant and exercise of incentive subscription rights; shares as board remuneration
Grant of incentive subscription rights
The board of directors of IDEX ASA resolved on 12 May 2017 to issue 1,375,000 subscription rights to new employees and individual contractors in the company. The grant was made under the 2017 incentive subscription rights plan as resolved at the annual general meeting on 12 May 2017. The exercise price of the subscription rights is NOK 8.42 per share. 25 per cent of the subscription rights vest on 15 April 2018 and another 25 per cent vest on each anniversary from that date. The subscription rights expire on 12 May 2022.
Furthermore, the Board resolved to extend the duration of 1,000,000 subscription rights granted in 2013, from 23 September 2017 until 16 May 2018.
Exercise of incentive subscription rights
The board of directors of IDEX ASA resolved on 12 May 2017 to issue 2,025,000 new shares to employees and individual consultants who have exercised subscription rights which were granted in 2013 and 2014 under the company’s incentive subscription rights plans at the respective grant dates. The weighted average exercise price per share is NOK 1.29.
IDEX shares as board remuneration
The annual general meeting of IDEX on 12 May 2017 resolved that the board members could elect to receive all or part of the board remuneration in the form of shares in IDEX; that the number of shares shall correspond to a value of 133 per cent of the NOK amount of board remuneration taken in shares; that the board member must pay a subscription price per share equal to the par value of the share, being NOK 0.15; and that the shares are locked up for one year from the date of the annual general meeting.
Three board members took full or part of the board remuneration in shares, and 115,350 new shares will be issued when the share capital has been paid in.
Share capital after the above
Following the issue of the new shares to employees and board members, the company’s share capital will be NOK 81,357,465.75 divided into 542,383,105 registered shares each with a nominal value of NOK 0.15. Following the grant and exercise there will be 20,760,000 incentive subscription rights outstanding.
Charlotte Knudsen, Director of IR and Communications, +47 9756 1959, email@example.com
IDEX develops and sells advanced fingerprint sensor technology and products. The company’s technology is used in a range of biometrically enabled applications within three core markets: Smartcards, mobile, and Internet of Things (IoT). IDEX’s addressable market represents a fast-growing multi-billion unit opportunity.
IDEX’s technology includes both the conventional silicon sensor and a unique off-chip technology, which means that the company can offer its partners solutions which are flexible and cost efficient.
IDEX ASA (ticker IDEX) is a Norwegian company, founded in 1996 and listed on the Oslo stock exchange in 2010.
For more information, please visit www.idexbiometrics.com