Aquila Holdings – Mandatory notifications of trade and disclosure of large shareholdings

20 Jun 2025 11:41 CEST

Oslo, 20 June 2025

Reference is made to the stock exchange announcements made by Aquila Holdings
ASA (the "Company") earlier today regarding the extraordinary general meeting of
the Company (the "EGM") and the successful completion of the Company's
acquisition of 100% of the shares in Fjord Defence AS ("Fjord Defence") (the
"Acquisition").

As further detailed therein, the EGM inter alia resolved to (i) decrease the
share capital by reducing the par value of each share from NOK 1.00 to NOK 0.70,
(ii) issue a total of 75,000,000 new shares in the Company (the "Offer Shares")
at a subscription price of NOK 0.80 per Offer Share (the "Offer Price") in the
private placement announced on 27 May 2025 (the "Private Placement") and (iii)
issue a total of 175,187,968 new shares in the Company, at a subscription price
corresponding to the Offer Price, as part settlement of the consideration
payable by the Company in the Acquisition (the "Consideration Shares").

Following registration of the share capital decrease and the share capital
increases pertaining to the issuance of the Offer Shares and the Consideration
Shares (together, the "Share Capital Changes"), the Company's share capital will
be NOK 339,415,254.50, divided into 484,878,935 shares, each with a par value of
NOK 0.70.

The following close associates of primary insider Ketil Skorstad (board member
of the Company), have been allocated Offer Shares in the Private Placement as
follows:

– Tigerstaden AS has been allocated 6,250,000 Offer Shares;

– Pirol AS has been allocated 3,125,000 Offer Shares;

– Boolean AS has been allocated 1,875,000 Offer Shares; and

– Tigerstate Capital AS has been allocated 1,250,000 Offer Shares.

Boolean AS is also a close associate of primary insider Karl Sivert Skatland
(deputy board member of the Company).

See the enclosed forms for further details.

Furthermore, the following sellers of Fjord Defence will exceed the 5% threshold
pursuant to section 4-2 of the Norwegian Securities Trading Act by receipt of
the Consideration Shares:

– AS Saturn will receive 37,602,784 Consideration Shares, representing approx.
7.76% of the shares and votes in the Company upon registration of the Share
Capital Changes. AS Saturn is ultimately controlled by Jon Asbjørn Bø (incoming
CEO of the Company) and Jonas Eker Bø. AS Saturn has no rights to further shares
or votes in the Company.

– Cubic Invest AS will receive 37,534,080 Consideration Shares, representing
approx. 7.74% of the shares and votes in the Company upon registration of the
Share Capital Changes. Cubic Invest AS is ultimately controlled by Lars Harald
Henriksen. Cubic Invest AS has no rights to further shares or votes in the
Company.

– Trigger AS will receive 37,534,080 Consideration Shares, representing approx.
7.74% of the shares and votes in the Company upon registration of the Share
Capital Changes. Trigger AS is ultimately controlled by Jan Marius Hektoen.
Trigger AS has no rights to further shares or votes in the Company.

– GKI AS will receive 34,635,856 Consideration Shares, representing approx.
7.14% of the shares and votes in the Company upon registration of the Share
Capital Changes. GKI AS is ultimately controlled by Gudmund Kjærheim. GKI AS has
no rights to further shares or votes in the Company.

– Hugin Management AS will receive 25,888,752 Consideration Shares, representing
approx. 5.34% of the shares and votes in the Company upon registration of the
Share Capital Changes. Hugin Management AS is ultimately controlled by Harald
Lunde. Hugin Management AS has no rights to further shares or votes in the
Company.

Prior to the Private Placement and registration of the Share Capital Changes,
Tigerstaden AS holds 16,250,000 shares, representing approx. 6.92% of the shares
and votes in the Company. Following its allocation in the Private Placement and
registration of the Share Capital Changes, Tigerstaden AS will hold 22,500,000
shares, representing approx. 4.64% of the shares and votes in the Company.
Consequently, Tigerstaden AS will fall below the 5% threshold pursuant to
section 4-2 of the Norwegian Securities Trading Act. Tigerstaden AS is
ultimately controlled by Ketil Skorstad. Tigerstaden AS has no rights to further
shares or votes in the Company.

The disclosure obligation was triggered by Tigerstaden AS falling below the 5%
threshold on a standalone basis. Tigerstaden AS' consolidated holdings amount to
25,625,000 shares, representing approx. 5.28% of the issued shares and votes
following the registration of the Share Capital Increase.
Tigerstaden AS’ consolidated position in the Company is held by the legal
entities shown below:

Legal entity Number of shares Percentage
Tigerstaden AS 22,500,000 4.64%
Boolean AS 1,875,000 0.39%
Tigerstate Capital AS 1,250,000 0.26%

For further details about the Acquisition and the Private Placement, please
refer to the Company's stock exchange announcements of 27 May and 20 June 2025.

For more information please contact:

Jon Asbjørn Bø, CEO
jon.asbjorn.bo@fjorddefence.com
+47 930 86 932


* * *

This information is subject to the disclosure requirements pursuant to the
Market Abuse Regulation (EU) 596/2014 (MAR) article 19 number 3 and section 4-2
of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

649751_Attachement Aquila Holdings ASA - Disclosure of transactions by PDMRs and PCAs (2025-06-20).pdf