Oslo, 26 September 2022.
On the basis of the resolution by the general meeting of SATS ASA (the
"Company") on 4 April 2022, the board of directors has decided to implement a
new share investment program for members of the executive management and certain
other key employees of the Company and its subsidiaries (the "Eligible
Employees") (the "Investment Programme") for the purpose of seeking to align the
interests of the Eligible Employees with those of the shareholders of the
Company. The offer under the Investment Programme comprises of up to 910,130
existing shares held by the Company in treasury, and allows all of the Eligible
Employees to apply for shares in the Company at a discount (the "Offer").
Through the Investment Programme, the Eligible Employees will be offered to
apply for shares in the Company for a minimum of NOK 15,000 and a maximum amount
of up to NOK 1,500,000 depending on employee category. In addition, a certain
group of Eligible Employees will also be offered Matching Shares. Shares
purchased in the Investment Program will be subject to a lock-up period. The
shares will be offered at market price with a discount reflecting the lock-up
obligation (based on a Black & Scholes model). The discount given will depend on
the length of the lock-up obligation.
The application period for the Offer will commence today, on 26 September 2022
and will expire on 27 September 2022 at 20:00 hours (CEST) (the "Application
Period"). The purchase price for the shares will be equal to the volume weighted
average share price for the Company's shares on the Oslo Stock Exchange during
the 10 trading days prior to the expiry of the Application Period, less the
applicable discount.
More information about the Investment Programme is provided in the notice of the
annual general meeting of the Company held on 4 April 2022 and the guidelines
for determination of salary and other remuneration to executive personnel. The
notice and the guidelines are attached to the announcement published by the
Company on 8 March 2022 and are also available on the Company's website
satsgroup.com.
For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
