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2016-05-03

Savo-Solar Oy: Paying of Savo-Solar Ltd's Board remuneration in form of directed share issue without consideration

Savo-Solar Ltd.

Company Announcement 3 May 2016 at 4.35 p.m. (CET)

Paying of Savo-Solar Ltd's Board remuneration in form of directed share issue without considerationThe Board of Directors of Savo-Solar Ltd. has resolved on a directed share
issue to be used as a part of the Board members' remuneration in accordance
with the resolution by the Annual General Meeting on 19 April 2016. The
company issues a total of 19,445 new class A shares, which are offered for
subscription to the members of the Board of Directors without consideration.
The Chairman of the Board is offered a total of 7,778 new shares and other
Board members are offered 3,889 new shares each. As the Board member Sami
Tuhkanen has informed that he will not take any remuneration, the total
number of new shares offered in the share issue is 19,445.

When calculating the number of shares the closing price of the company's share
on First North Sweden on 2 May 2016, i.e. SEK 5.10 (approximately EUR 0.56)
has been used as the value per share. Registration of the new shares with the
Trade Register will take place approximately on 11 May 2016, and after that
the total number of the company's shares is 15,906,875. New shares will be
recorded into the book-entry system approximately on 11 May 2016 and they are
applied for trading as equal with the other shares of the company on First
North Finland and on First North Sweden approximately on 16 May 2016.

The Annual General Meeting resolved on 19 April 2016 that EUR 21,600 be paid
for the Chairman of the Board and EUR 10,800 for each of the other members of
the Board. Approximately 40% of the remuneration will be paid by giving to
the Board members the company's new class A shares in two instalments. The
directed share issue resolved today is the first instalment of the
remuneration to be paid in shares. The second instalment will be paid within
two weeks of the publication of the half-year report for the period 1 January
-30 June 2016. The Board members are not allowed to transfer the shares
received as Board remuneration before their membership in the Board has
ended.

SAVO-SOLAR LTD.
Board of Directors

For more information:

Savo-Solar Ltd.
Managing Director Jari Varjotie
Phone: +358 400 419 734
E-mail:jari.varjotie@savosolar.fi

Ingrid Östhols, communication
Phone: +46 721 810 867
E-mail:ingrid.osthols@savosolar.se

Certified Adviser

Mangold Fondkommission AB
Phone: +46 (8) 5030 1550
E-mail: info@mangold.se

Savo-Solar in brief
Savo-Solar with its highly efficient collectors and large-scale solar thermal
systems has taken solar thermal technology to the next level. The company's
collectors are equipped with the patented nano-coated direct flow absorbers,
and with this leading technology, Savo-Solar helps its customers to produce
competitive clean energy. Savo-Solar's vision is to be the first-choice
supplier to high performance solar installations on a global scale. Focus is
on large-scale applications like district heating, industrial process heating
and real estate systems - market segments with a big potential for rapid
growth. The company primarily delivers complete systems from design to
installation, using the best local partners. Savo-Solar is known as the most
innovative company in the business, and aims to stay as such. The company has
sold and delivered its products to 17 countries on four continents.
Savo-Solar's shares are listed on Nasdaq First North Sweden with the ticker
SAVOS and on Nasdaq First North Finland with the ticker SAVOH.
www.savosolar.fi.

The company's Certified Adviser is Mangold Fondkommission AB.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Savo-Solar Oy via Globenewswire

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