Aega ASA – Sale of subsidiary and termination of the CEO's employment

03 Dec 2024 07:30 CET

Oslo, December 3, 2024

With reference to previous stock exchange announcements and the calling for
general meeting. Following the sale of solar parks executed in September, the
revenues of the Aega ASA group are lower than its costs. To prepare the company
for the continuation of its investment mandate, a reorganisation, and a
potential share issuance, Aega ASA has entered into an agreement to transfer
Aega Management AS to Aega AS.

Aega Management AS no longer generates revenue. Consequently, Aega AS has
agreed, in exchange for the transfer from Aega ASA, to assume the debt
obligations of Aega Management AS, as well as any employments and liabilities
that may exist within the transferred company structure. The aforementioned debt
obligation alone amounts to NOK 600.000. Following this transaction, Aega ASA
will have only one subsidiary, Aega Investments AS, which owns shares in Norsk
Renewables AS.

To further ensure that costs, which under current organisation are unsustainable
in the long term, are reduced, the board has decided to terminate the employment
contract of CEO Nils P. Skaset. According to the terms of the employment
agreement, Skaset will remain employed with the company until the end of
February 2025 and is entitled to severance pay for 12 months. The board views
this measure as necessary given the company's financial situation and wishes to
allow the company, after any potential share issuance, to freely organise the
company's operations, including the appointment of the management.

For further information please contact:
Nils P. Skaset
CEO of Aega ASA
tel: +47 951 88 154
e-mail: ceo@aega.no

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