Under Norofert’s approved stock option plan for the 2020-2022 period, company management and employees may exercise the option to receive free of charge a number of shares issued by the company, representing maximum of 2% of the share capital.
The share capital increase targets to ensure the financial resources for the company’s development plan, which includes the acquisition of new businesses, the financing of a soil fertilizer production line, raising the capacity of its effervescent pills production line and ensuring raw materials for the spring-fall season in 2021.
Shareholders also approved the issuance of 550,000 new shares with the nominal value of RON0.4/share, to raise its share capital from RON3.2 million to RON3.4 million, in two stages.
In the first stage the shares can be subscribed and paid by the shareholders who have the pre-emption rights and in the second stage the shares unsubscribed in the first stage can be subscribed as an offer addressed to maximum 149 investors (also known as “private placement”). Pre-emption rights will be tradable on the relevant market of the Bucharest Stock Exchange.
The shares left unsubscribed and paid by the owners of the pre-emption rights within the set period will be offered in the second stage of the private placement at an issuance price equal to the one from the first stage plus RON0.001.
The unsubscribed shares after the second stage of the private placement shall be annulled.