The Board of VOW ASA (OB:VOW) announced the spin-off of 69.5% stake in Vow Green Metals on February 24, 2021. The demerger is proposed to be implemented by way of decreasing the share capital of Vow through a reduction of the nominal value of the shares with NOK 0.00650, from NOK 0.10000 to NOK 0.09350. The size of the share capital decrease in Vow reflects the allocation of the net values between the companies in the demerger. The shareholders of Vow will receive shares in Vow Green Metals by way of increasing the share capital in this company through issuance of new shares as demerger consideration. The demerger consideration to Vow's shareholders will be made entirely by the issuance of 114,259,870 new shares in Vow Green Metals, each with a nominal value of NOK 0.00650. Thus, the exchange ratio implies that the reduction of the nominal value on 1 share in Vow with NOK 0.0065 will give the right to 1 new share in Vow Green Metals and that the shareholders in Vow will receive shares in Vow Green Metals in the same ratio as they own shares in Vow when the Demerger becomes effective. Upon completion, Vow will maintain an ownership interest in Vow Green Metals of approximately 30.5% when the Demerger becomes effective. The current board of directors and management of Vow will not be affected by the Demerger. The transaction is subject to the satisfaction of a number of conditions, including that the demerger plan and related resolutions are approved with the required majority at the general meeting of Vow and Oslo Stock Exchange has approved the listing of the shares in Vow Green Metals on Euronext Growth Oslo The company will aim for listing before summer of 2021. As of May 14, 2021, shareholders of VOW ASA has approved the transaction. As of April 8, 2021, the transaction is expected to be completed and become effective in the end of June 2021 or the beginning of July 2021. As of July 8, 2021, the record date is July 13, 2021. It is expected that the consideration shares in Vow Green Metals will be delivered and made available to eligible shareholders of Vow on July 14, 2021. Eligible shareholders will receive one (1) consideration share in Vow Green Metals for each share they own in Vow as of the cut-off date as registered in the Norwegian Central Securities Depositary (the VPS) as of the record date. The cut-off date is July 9, 2021. Vow Green Metals will from Monday July 12, 2021 trade under the ticker "VGM" on Euronext Growth Oslo.

VOW ASA (OB:VOW) completed the spin-off of 69.5% stake in Vow Green Metals on July 9, 2021.