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2015-08-25

Scana Industrier asa: Scana Industrier ASA - Incentive arrangement for CEO, Converto and management

Reference is made to the notice to Oslo Børs of August 13th 2015 whereby Scana
disclosed that the chairman of the board, Bjørn Torkildsen, was appointed as
new CEO of Scana, and that the board has approved an extended agreement with
Converto. The agreements with the new CEO and Converto have both been signed
today. The extended engagement with Converto will start up on September 1st
2015, the same date as Bjørn Torkildsen takes office as new CEO. As disclosed
in the previous notice to Oslo Børs, Torkildsen and Converto will both be
entitled to an incentive based arrangement which also will apply to the
management. This will in total entitle the CEO, the management and Converto
to a collected bonus of up to 12 % of a possible increase in the share value
of Scana through a 3 year period, exceeding a yearly increase of 8 %. Bjørn
Torkildsen and Converto will each be entitled to up 4.8 % of such increase in
the share value. The company would like to emphasize that the starting point
for the incentive arrangement is a share value of NOK 1 per share, i.e. the
same share value as in the capital increase that was accomplished and fully
subscribed for in June 2015.

The chairman and now appointed CEO of Scana, Bjørn Torkildsen, says:
-Scana has been through a considerable restructuring and as chairman of the
board I have seen the significant potential for further development in Scana.
I am looking forward to start up as new CEO of the company and immediately
initiate the work to further develop Scana in line with the new strategy in
close cooperation with Converto.

The board is very satisfied with the appointment of Bjørn Torkildsen as the
new CEO. The company has been through a huge restructuring and the board is
of the opinion that Bjørn Torkildsen together with Converto and the
management of Scana will contribute with considerable capacity and experience
and the ability to accomplish the further development of the company in line
with the new strategy plan resolved by the board.

For further information please contact:

Mr. Bjørn Torkildsen, Chairman of the Board of Scana Industrier ASA, Mobile:
+47 919 19 742

This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)

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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: Scana Industrier asa via Globenewswire

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