Reference is made to the stock exchange announcements by SATS ASA ("SATS" or the
"Company") dated March 27 and March 29, 2023, regarding the New Share Investment
Program implemented by SATS for senior executives and certain other key
employees (the "Eligible Employees").
24 Eligible Employees participated in the New Share Investment Program, pursuant
to which they applied for and were allocated in total 2,917,999 shares. The
shares will be delivered to the Eligible Employees as a combination of (i) the
issuance of 1,648,446 new shares (the "New Shares") and (ii) the sale of
1,269,553 existing shares held in treasury by SATS (the "Existing Shares" and,
together with the New Shares, the "Shares"), the latter in combination with
financial assistance from the Company to eight senior executives and other key
employees in the aggregate amount of NOK 6,449,998.15.
Delivery of the Shares to the Eligible Employees was dependent on certain
resolutions being passed by the 2023 annual general meeting (the "AGM"). All
resolutions necessary for the Company to deliver the Shares were passed by the
general meeting on May 31, 2023. For more information, please refer to the
notice and minutes of the AGM disclosed on 31 May 2023.
The board of directors has resolved to increase the share capital by NOK
3,502,947.75, in connection with the issuance of 1,648,446 New Shares, each with
a nominal value of NOK 2.125. The New Shares represent approximately 0.81% of
the Company's share capital prior to their issuance. The share capital increase
was resolved pursuant to the authorization granted to the board of directors by
the AGM on May 31, 2023.
Following registration of the share capital increase with the Norwegian Register
of Business Enterprises (Nw. Foretaksregisteret), the new share capital of the
Company will be NOK 434,975,999.50, divided into 204,694,588 shares, each with a
nominal value of NOK 2.125.
Furthermore, the board of directors has resolved to transfer 1,269,553 treasury
shares to the eight senior executives and other key employees who were allocated
Existing Shares in the New Share Investment Program. The Existing Shares
represent approximately 0.63% of SATS' current share capital. Following the
transfer, SATS has 1,087,264 shares in treasury.
Reference is further made to the stock exchange announcement published by the
Company on March 29, 2023, regarding the allocation of Shares to certain close
associates of primary insiders of the Company in connection with the New Share
Investment Program. Settlement has now occurred as further specified below:
o Mira Investments AS (not Gravir Invest AS, as stated in the announcement on
March 29, 2023 - see the attached corrective form), a close associate of Sondre
Gravir (CEO), has been allocated 393,660 shares in the Company in the New share
Investment Program and has pledged the same number of shares in the Company.
o Moneypenny Invest AS, a close associate of Cecilie Elde (CFO), has been
allocated 196,830 shares in the Company in the New share Investment Program and
has pledged the same number of shares in the Company.
o Evert Holding AS, a close associate of Wenche Evertsen (Country Manager
Norway), has been allocated 39,366 shares in the Company in the New share
Investment Program and has pledged the same number of shares in the Company.
o Silje Ree Invest AS, a close associate of Silje Ree (Chief Product Officer),
has been allocated 590,490 shares in the Company in the New share Investment
Program and has pledged the same number of shares in the Company.
o Marianne Orderud AS, a close associate of Marianne Orderud (Chief Marketing
Officer), has been allocated 147,622 shares in the Company in the New share
Investment Program and has pledged the same number of shares in the Company.
o Skogstua Invest AS, a close associate of Gaute Sandal (Chief Digital Officer),
has been allocated 295,245 shares in the Company in the New share Investment
Program and has pledged the same number of shares in the Company.
o Canela II AS, a close associate of Torodd Gøystdal (Chief People & Operations
Officer and acting Country Manager Sweden), has been allocated 738,113 shares in
the Company in the New share Investment Program and has pledged the same number
of shares in the Company.
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
The disclosure set out in this announcement is subject to the disclosure
requirements pursuant to article 19 of the EU Market Abuse Regulation and
section 5-12 of the Norwegian Securities Trading Act.
