Reference is made to the stock exchange announcements made by Skandia Greenpower
AS (the "Company") on 15 November 2022 and 3 February 2023 regarding the
Company's attempt of strategic solutions and to raise equity capital.

The Company is pleased to announce that as a result of this process, the Company
entered into a subscription agreement on 15 February 2023 with Evendo Invest AS
("Evendo Invest") (the "Subscription Agreement"), whereas Evendo Invest has
undertaken to subscribe for shares in the Company through a private placement of
new shares in the Company directed towards Evendo Invest based on the terms in
the Subscription Agreement (the "Private Placement").

In accordance with the Subscription Agreement, Evendo Invest has undertaken to
subscribe for 40,185,760 new shares in the Company (the "New Shares") at a
subscription price equal to NOK 0.31 per New Share (the "Subscription Price")
raising gross proceeds of approximately NOK 12,500,000.

Pursuant to the Subscription Agreement Evendo Invest's obligation to subscribe
for the New Shares in the Private Placement is subject to the following
conditions (jointly, the "Conditions"): (i) the Company's board of directors
(the "Board") having called for an extraordinary general meeting of the Company
(the "EGM") to resolve the proposed allocation and issuance of the New Shares
and to elect new members to the Board, and  (ii)	the EGM resolves with at least
2/3 of majority vote of the attendees to allocate and issue the New Shares, and
with at least 1/2 of majority vote of the attendees to elect the proposed new
board members. The Company intends to send the notice to the EGM on or about 15
February 2023 so that the EGM can be held on or about 22 February 2023.
Information on the new Board will be included in the EGM notice.

Through the Private Placement, the Company's financial capacity will be
strengthened for a period and the Board considers entering into the Subscription
Agreement and conducting the Private Placement as the only real alternative for
the Company to continue its operations. Consequently, if the Conditions are not
met, including that the Private Placement is not approved by the required
majority at the EGM, the Company will, if no other real alternatives exists,
file for bankruptcy.

Following registration of the new share capital pertaining to the Private
Placement, the Company will have a share capital of NOK 2,831,816.70 divided
into 56,636,334 shares, each with a par value of NOK 0.05.

The Private Placement represents a deviation from the existing shareholders'
preferential right to subscribe for and be allocated new shares in the Company,
cf. Section 10-4 of the Private Limited Liability Act. The Board has considered
the Private Placement in light of the equal treatment obligations under the
Norwegian Securities Trading Act and the rules of equal treatment set out in the
continuing obligations for companies admitted to trading on Euronext Growth Oslo
and Oslo Børs' guidelines on the rules of equal treatment. The Board's
assessment is based, among other things, on time considerations and the
Company's immediate need for capital (where petition for bankruptcy/liquidation
have been the alternative), a lack of capital and investment willingness in the
Company based on experience from the strategic process since November 2022, that
the Subscription Price in the Private Placement is higher than the market value
of the Company's shares as of 14 February 2023 at NOK 0.23 per share, that the
Private Placement is directed towards a new investor and thus there is no
discrimination between existing shareholders, and that Evendo Invest, in the
Board's assessment, will be the right shareholder for the Company with the
competence and willingness to build and run the Company's operations going
forward. In its assessment, the Board has also assessed the large dilution
effect of the Private Placement and alternative solutions (including inviting
other shareholders), but weighed against the above-mentioned considerations, the
Board recommends that the general meeting waive the pre-emptive right, and as
such the Private Placement is considered to be in the best interest of the
Company and its shareholders.

As a result of the Company's financial distress prior to the Private Placement,
the Company and its subsidiaries reduced its spending on marketing and has also
completed other cost saving procedures. Due to such events and the current
market outlook, the Company has reduced their guiding on 10,000 customers in
early 2023 for Elkompis, to 5,500 customers at the end of first quarter 2023 for
Elkompis. Elkompis currently has 4,700 customers.

The Company also note that the opening balance of the Group's equity for the
financial year ended 31 December 2022 will be adjusted down by approximately NOK
4.5 million due to erroneous revenue recognition in previous reporting periods
for several years. The error has no effect on the Group's previously reported
cash and cash equivalents. The Group's reported equity as of 1 January 2022 was
NOK 152.25 million whereas the corrected equity as of 1 January 2022 is
approximately NOK 147.75 million. The final adjustment is subject to audit.

Advisors
Pareto Securities AS is acting as financial advisor to the Company in connection
with the Private Placement. Advokatfirmaet Wiersholm AS is acting as legal
advisor to the Company in connection with the Private Placement.

For further information, please contact:
Erik Edvard Tønnesen, Chair of the Board
E-mail: erik@skagerakcapital.com 
Phone: +47 908 81 948

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