Reference is made to the stock exchange notice by AMSC ASA (the “Company”) on 15 September 2022 regarding the private placement of 11,247,333 new shares in the Company (the “Private Placement”) at a subscription price of NOK 36 per share, and the mandatory notification announcements from Aker Capital AS dated 15 and 21 September 2022.
In accordance with the above notifications, Aker Capital AS, a wholly-owned subsidiary of Aker ASA, has today entered into two additional total return swap (“TRS”) agreements with DNB Bank ASA (“DNB”) and Skandinaviska Enskilda Banken AB (“SEB”), with financial exposure to 1,284,482 and 1,703,807 underlying shares in the Company, respectively. The swap prices for the TRS agreements are NOK 36.2447 and NOK 36.2400 per share, respectively. The expiry date for the TRS agreements is 6 December 2022. Please see attached primary insider notification forms pursuant to the requirements of the Market Abuse Regulation.
In addition, Aker Capital AS holds 13,701,416 shares in the Company and is party to the following existing TRS agreements:
· TRS agreement with DNB entered into on 19 November 2021 with financial exposure to 9,505,100 underlying shares in the Company, with a swap price of NOK 33.5773 and expiry date 6 December 2022
· TRS agreement with SEB entered into on 19 November 2021 with financial exposure to 9,182,520 underlying shares in the Company, with a swap price of NOK 33.6059 and expiry date 6 December 2022
· TRS agreement entered into with DNB on 21 September 2022 with financial exposure to 479,179 underlying shares in the Company, with a swap price of NOK 36.3001 and expiry date 6 December 2022
Aker Capital AS accordingly has a shareholding equal to 19.07% of the Company’s shares and has through TRS agreements financial exposure to 30.83% of the Company’s shares, which represents a total financial exposure of 49.90%, being the same level of financial exposure as Aker Capital AS had in the Company prior to the Private Placement.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.