Hofseth BioCare ASA ("HBC" or the "Company") announces today that it has established a management incentive program (the "Program") with a total limit of 11,000,000 shares in the Company. The Program will allow certain key persons (i.e. key employees and directors on the Board of Directors) associated with the Company (the "Participants") to benefit from the development and value creation in the Company.
The Program is structured through a joint holding company for the participants in the Program, named Brilliant Invest AS ("Brilliant Invest"). Brilliant Invest has today purchased a number of 11,000,000 shares in the Company from Hofseth International AS ("HI") at a price per share of NOK 4.50. The Program is expected to have a duration of three years, following which the HBC shares held by Brilliant Invest will be divested and the remaining assets of Brilliant Invest will be distributed to the Participants.
The purchase price payable from the Participants to HI will partly be settled by HI's grant of a seller credit and partly in cash by Brilliant Invest.
The Participants include Jon Olav Ødegård (CFO), Kai Morten Thuen (Chief Marketing Officer), Bomi Framroze (Chief Scientific Officer), Leif Arne Giske (Accounting Manager), Angelika Florvaag (Quality Manager), Ola Holen (chairman), Torill Standal Eliassen (director), Christoph Baldegger (director), Henriette Godø Heggdal (Lab Manager and director) and 6 other key employees.
Following the sale of 11,000,000 shares in HBC to Brilliant Invest, HI and its related parties own 58,881,778 shares in HBC, corresponding to 18.16 % of the outstanding votes and shares in the Company. Prior to the transaction, HI and its related parties held 69,881,778 shares, corresponding to 21.55 % of the outstanding votes and shares in the Company.
This information is subject to the disclosure requirements pursuant to Sections 5-12 and 4-3 of the Norwegian Securities Trading Act.
For further information, please contact:
Jon Olav Ødegård, CFO of Hofseth BioCare ASA
Phone: +47 936 32 966
About Hofseth BioCare ASA:
HBC is a Norwegian biotech company that offers high-value ingredients and finished products for humans and pets. The company is founded on the core values of sustainability, traceability and optimal utilization of natural resources. Through an innovative hydrolysis technology, HBC is able to preserve the quality of salmon oil, proteins and calcium, prepared of fresh salmon off-cuts. HBC's objective is to contribute to the efficient use of marine resources and deliver quality products for ingredients and finished consumer products in the nutrition market. Hofseth BioCare's headquarters are located in Ålesund, Norway with branches in Oslo, Chicago, Menlo Park, Mumbai and Tokyo. HBC is listed on Oslo Stock Exchange Axess list with ticker "HBC". More information about Hofseth BioCare at www.hofsethbiocare.com and www.facebook.com/hofsethbiocare