OSLO, Norway, Sept. 6, 2013 /PRNewswire/ -- Thin Film Electronics ASA ("Thinfilm" www.thinfilm.no) (OSE: THIN.OL) announced today that funds managed by Invesco Asset Management Limited ("Invesco" www.invesco.com) have agreed to acquire 56,000,000 shares in the Company at a subscription price of NOK 2.50 per share totalling NOK 140,000,000 (USD 23 million). Following EGM approval, Invesco will hold 13.3% of the shares in the Company.
Upon subscription in the offering, Invesco will also receive 46,666,666 warrants, each with an exercise price of NOK 3.00. The warrants are exercisable after a 12-month holding period, and expire in 3 years.
The issuance of shares and warrants are 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 2 October 2013. A listing prospectus will be prepared in connection with the placement.
"Having Invesco, a global blue chip investor, acquire a significant interest in the company is a reflection of our increasing international presence. It is also a recognition of the importance of our Memory Everywhere vision for the emerging Internet of Everything. Our brand protection and smart label products are expected to have an impact on broad vertical markets, such as consumer packaged goods, health care, and retail. This investment provides capital to accelerate our ambitious roadmap," said Davor Sutija, CEO of Thinfilm.
ABOUT THIN FILM ELECTRONICS ASA
Thin Film Electronics ASA (Ticker: THIN.OL) is a leader in the development of Printed Electronics. The first to commercialize printed rewritable memory, Thinfilm is creating printed system products that will include memory, sensing, display and wireless communication—at a cost-per-functionality unmatched by any other electronic technology. Thinfilm's roadmap of system products integrates technology from a strong and growing ecosystem of partners to enable the Internet of Things by bringing intelligence to disposable goods. Company headquarters are in Oslo, Norway, with product development in Linkoping, Sweden, sales offices in San Francisco, USA, and Tokyo, Japan, and manufacturing in Pyongtaek, South Korea.
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SOURCE Thin Film Electronics ASA