Net Trading Group NTG AB announces the lock-up agreement on NTG shares issued to former Rock Energy shareholders; new dates for the Q1 2021 report and annual shareholder meeting
Lock-up on shares
Net Trading Group AB (‘Net Trading Group’) announced today that both the Board and management of Rock Energy Group Limited (‘Rock Energy’) have agreed to establish a multi-year lock-up on the newly issued shares of Net Trading Group AB. This agreement follows the successful closing of the reverse buy-out between the two companies. Net Trading Group's shareholders voted in favour of the acquisition of Rock Energy at the Extraordinary General Meeting on Thursday, April 29, 2021.
- It is very important for Net Trading Group and our shareholders that Rock Energy retains key employees and maintains consistency in its operations. This agreement gives Net Trading Group a stable basis by which we can create additional shareholder value over time, says Reidar Michaelsen, Chairman of the Board of Net Trading Group.
The lock-up will include more than 80% of the Net Trading Group shares issued to the former Rock Energy shareholders.
The lock-up agreement restricts the sale of Net Trading Group shares owned by former Rock Energy shareholders. The restrictions on those shares are as follows:
- After 12 months, 1/3 of those shares are released from restrictions
- After 24 months, a further 1/3 of those shares are released from restrictions
- After 36 months, the final 1/3 of those shares are released from restrictions
- Management and the board of Rock Energy naturally have a lock-up on their Net Trading Group shares. Great value will be created and their continued involvement is especially important to provide continuity and predictability for both our shareholders and the market, states Mr. Michaelsen.
New dates for the Q1 2021 report and Annual Shareholder Meeting
The Board of Net Trading Group has decided to release the Q1 2021 financial reports on May 31, 2021. Additionally, the Board changed the Annual Shareholder Meeting to June 30, 2021.
- It has obviously been a very busy six months for Net Trading Group as evidenced by our acquisitions of both Rock Energy and Lightcircle. These positive events significantly improve the trajectory of Net Trading Group and require additional time to properly compile the information around these extraordinary events for our investors, says Reidar Michaelsen, Chairman of the Board of Net Trading Group.
For further information, please contact:
Net Trading Group AB
Net Trading Group NTG AB (‘NTG’) is a Nordic holistic ESG Group owning unique technologies related to energy and energy saving - that enables us to follow the power through the entire circuit - from our own power plants to our smart and unique outlets. By bundling the product mix, larger developers can now develop areas where there is no electricity network and the World can face the future less concerned about unpredictable energy costs and unstable- and overloaded grids.
Net Trading Group NTG AB (publ),
c/o Mcon AB
Södra Larmgatan 4
411 16 Göteborg