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Process for reverse share split at a consolidation ratio of 1.000:1

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At the company’s extraordinary general assembly November 2nd 2023 it was decided to implement a reverse share split at a consolidation ratio of 1.000:1, see company announcement 18/2023.

The reverse stock split will reduce the number of shares in the company so 1.000 current shares at a nominal value of 1 DKK will be consolidated to 1 new share at a nominal value of 1.000 DKK.

This redemption announcement includes a 4-week redemption period, which expires December 5th 2023 at 17.00 (CEST). After the expiry date, shares who will not match the consolidation ratio of 1.000, will be redeemed according to the time schedule, which follow below in this announcement.

In the redemption period shareholders can freely sell/buy shares on the market, to adapt their holding to an exact dividable with a full 1.000 amount, and hereby avoid redemption of their eventual excess shares.

The redemption price is 0.94 DKK per share of a nominal value of 1 DKK. The payment of all excess shares will be expected to be paid December 8th 2023 on each shareholder’s account. Cost related to VP Securities A/S concerning the redemption of the shares will be held by the Company. After the reverse stock split all shareholders will receive an updated overview statement from VP Securities A/S, where the new amount of shares will be stated.

As stated in the redemption announcement, shareholders who disagree with the redemption price may, no later than three months after the date of the redemption of shares, i.e., no later than Wednesday March 6th 2024, request that the redemption price be determined by an appraiser, who is notified by the court at the Company's registered office, cf. section 70, subsection of the Companies Act. 2. The appraiser must determine the redemption price in accordance with section 67, subsection of the Companies Act. 3. After the expiry of the three-month period, i.e., as of Wednesday March 6th 2024, shareholders can no longer request that the redemption price should be determined by an appraiser.

Time schedule for the reverse stock split:

Activity:Date:
Last trading day for shares of nominal DKK 1.00                        5/12-2023
at Nasdaq Copenhagen (ISIN DK0060910917)

First trading day for shares with new ISIN number of a                    6/12-2023
nominal value of DKK 1 at Nasdaq Copenhagen
(ISIN DK0062502894)

Holdings of shares of nominal DKK 1.00 are exchanged                    7/12-2023
to shares of nominal DKK 1.000 in VP Securities

Payment for excess shares                                                       8/12-2023

The Board of Directors 

For additional information, please contact.

Michael Hove, Chairman of the board +45 28 12 66 09

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