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Analyst Comment

Dilution caused by the Savosolar's option scheme is minimal

By Pauli LohiAnalyst
Summa Defence

The subscription period for the options related to the 2021 share issue starts on March 20, 2023, and the options will increase Savosolar’s number of shares by a maximum of 4.9%. We estimate that the options will cause minor dilution on the holdings of Savosolar's current shareholders. The program has been known for a long time and the beginning of the subscription period should not in itself have a significant impact on the company's value.

Options relate to a previous share issue

Savosolar issued stock options in connection with the subscription rights issue in fall 2021, which entitle the participants of the issue to subscribe for Savosolar shares at a later date under certain conditions. The subscription rights have enabled investors to benefit from a possible subsequent value increase in the share and, we believe this made the share issue more attractive. The final tranche of these option rights (TO10) becomes available (subscription period March 20-March 31, 2023).

We estimate that the dilution caused by the options is minimal

The number of subscription rights in the TO10 tranche is 38.7 million, so the number of shares could increase by about 4.9% if all options are exercised. The subscription price EUR 0.054 is 10% lower than the closing price on Friday (0.060). If all options are exercised, Savosolar would receive gross assets of about EUR 2 million from the options. Considering the raised assets and increased number of shares, the dilution in the value of the share would, according to our calculations, be only 0.5%, if all the options are exercised or smaller if less options are exercised .

Summa Defence

0.06EUR17.03.2023, 18.00

Summa Defence is a Finnish defence and security technology group. The group provides strategic support and resources to companies in the sector, focusing on technologies related to situational awareness, mobility and protection, which benefit both civilian, security and defence sectors. The goal is to improve Finland's and Europe's overall security, security of supply and crisis management capabilities. Summa Defence is headquartered in Helsinki.

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