Annual Report 2010 - Scana Industrier ASA

82Annual Report 2010 Scana Industrier ASANote 28. Events after balance sheet date1. Financial covenantThe group has financial covenants connected to its financingfacilities. The financial covenants are related to equity, EBITDA, levelof investments, liquidity reserve and dividend restrictions. Termsrelated to EBITDA for first quarter 2011 was 0. The group was inbreach of the EBITDA covenant at the end of 1’st quarter and hasbeen granted a waiver from the lenders.2. VestbyThe group continues its efforts for re-positioning Scana OffshoreVestby and finding the right partner for the business, so that thecompany can be developed and assets can be safeguarded.Our goal is to have agreements in place for this by the end of 2’ndquarter 2011.3. Issue of new share capitalIn a board meeting on March 30’st the board of directors decidedto issue new share capital with relation to the exercise of employeeshare options allocated under the share option program approved bythe board of directors on August 14’th 2007.The board of directors was, in accordance with the Limited LiabilityCompanies Act (Norway) § 10-14, granted authority by the AnnualGeneral Meeting (AGM) in 2010 to increase the share capital by anamount up to NOK 2 500 000 by issuing 2 000 000 new shares atpar value 1,25 NOK.The Board decided in a board meeting on March 30’st 2011 to usethe authority granted by the AGM to issue 177 500 new shares at parvalue 1,25 NOK in a share capital increase aimed at identified optionholders.The Share capital was increased from NOK 209 617 187,50by NOK 221 875 to NOK 209 839 062,50 by issuing 177 500new shares, each at par value NOK 1,25 and a strike price ofNOK 6,50 accumulating a total paid in capital of NOK 1 153 750.Share premium equalled NOK 5,25 per share and a total of NOK931 875. Share premium is recognised as such in the statement ofshareholders’ equity.4. Sale of shares in Motala Verkstad AB.On December 15’th 2010 Scana Steel Björneborg published thesales of its shares in Motala Verkstad AB. The sale was completedand shares transferred to the new owner on February 15th 2011.5. Sale of shares in Jørpeland Kraft ASScana Steel Stavanger AS has in 2011 signed an agreement for thesale of its shares in Jørpeland Kraft AS. The sale strengthens thegroup’s liquidity however is not expected to have a significant P&Leffect.