Upon completion of the transaction, Woodford will hold 17.8% of the shares in the company. Upon subscription in the offering, Woodford will also receive 40,000,000 warrants, each with an exercise price of NOK 4.50. The warrants are exercisable after a 12-month holding period, and expire in two years.
The issuance of shares and warrants is subject to the approval of an extraordinary general meeting (EGM) in Thinfilm. An EGM will be called for as soon as practical and will take place on or about March 15, 2016.
“Woodford Investment Management is one of the UK’s leading fund managers and its founder has a history of identifying compelling opportunities,” said Davor Sutija, CEO of Thinfilm. “We believe this investment is a strong endorsement of Thinfilm’s unique technology and its prospects for future success.”