Reference is made to the share investment program established by SATS ASA (the
"Company") as further described in the stock exchange notice published by the
Company on 22 June 2020 (the "Share Investment Program"). In order to further
align the interests of certain members of the executive management with those of
the Company's shareholders, the board of directors has resolved to expand the
Share Investment Program for Christian Øvregaard (Head of SATS Home Training),
Wenche Evertsen (Country Manager Norway) and Jussi Raita (Country Manager
Finland). Christian Øvregaard, Wenche Evertsen and Jussi Raita have been
offered, and have accepted, to invest the following additional amounts
o Christian Øvregaard: NOK 1 000 000
o Wenche Evertsen: NOK 500 000
o Jussi Raita: NOK 155 000
by acquiring shares from the Company under the Share Investment Program from the
Company (the "Additional SIP Investments").
The offer price (before discount) for the shares to be acquired under the Share
Investment Program is set at NOK 22.51, which equals the volume-weighted average
share price for the Company's shares on the Oslo Stock Exchange during the 10
trading days from and including 8 February 2021. The offer price after discount
is thus NOK 18.01.
Based on this, the number of shares to be acquired will be:
o Christian Øvregaard: 55 529
o Wenche Evertsen: 27 765
o Jussi Raita: 8 607
The Additional SIP Investments are subject to the same terms and conditions as
the other shares acquired under the Share Investment Program, including a
lock-up period of three years from delivery of the shares acquired.
The Additional SIP investments are subject to approval by the Company's general
meeting as it represents a deviation from the current guidelines on share-based
remuneration for the Company's executive management. Consequently, the
Additional SIP Investments will be placed on the agenda for the Company's annual
general meeting in 2021 and if the general meeting does not approve the
Additional SIP Investments, Mr. Øvregaard, Mrs. Evertsen and Mr. Raita shall be
obliged to sell the purchased shares back to the Company at the lower of (a)
their cost price and (b) the price per share equal to the volume-weighted
average share price for the Company's shares on the Oslo Stock Exchange during
the 10 trading days before the annual general meeting in 2021 with a 20%
discount.
Following completion of the transaction:
Christian Øvregaard will hold 803 shares in the Company, in addition 189 504
shares through his wholly owned company Tolian Invest AS. MR. Øvregaard also
holds shares in SATS Management Invest AS, which owns 8 659 342 shares in the
Company, corresponding to approximately 5.0% of the shares in the Company.
Wenche Evertsen will through her wholly owned company Evert Holding AS hold 162
543 shares in the Company.
Jussi Raita will hold 36 205 shares in the Company, in addition to the shares
held by him in SATS Management Invest AS, which owns 8 659 342 shares in the
Company, corresponding to approximately 5.0% of the shares in the Company.
The Company will hold a total of 910 769 own shares.
Investor Relations:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Press:
Anne Flæte, Press Contact, phone: +47 932 56 295
