Reference is made to the stock exchange announcement on March 27, 2023,
published by SATS ASA ("SATS" or the "Company", OSE ticker "SATS"), regarding
the resolution by the board of directors of the Company to implement the new
share investment program (the "Share Investment Program") for senior executives
and certain other key employees of the Company and its subsidiaries (the
"Eligible Employees"). The Application Period in the Share Investment Program
commenced at 09:00 hours (CEST) on March 28, 2023, and expired today, on March
29, 2022, at 16:30 hours (CEST).
23 Eligible Employees have applied for in total 2,908,158 shares in the Company
by the end of the Application Period. The shares will be delivered to the
Eligible Employees as a combination of (i) 1,638,605 new shares to be issued by
the Company (the "New Shares") and (ii) 1,269,554 existing shares to be acquired
by the Company in the market pursuant to a buy-back program (the "Existing
Shares" and, together with the New Shares, the "Shares"). Delivery of the Shares
is conditional upon certain resolutions related to the Share Investment Program
being passed by the general meeting in the annual general meeting expected to be
held on or about May 31, 2023 (the "2023 Annual General Meeting").
The offer price (before the price reduction) for the Shares is NOK 6.77, which
equals the volume weighted average trading price in the Company's shares on the
Oslo Stock Exchange during the 10 trading days prior to, and including, March
29, 2023. The Eligible Employees will receive a price reduction of 25% of the
offer price, and the price payable per Share is therefore NOK 5.08.
As part of the Share Investment Program, the Eligible Employees may, after
expiration of their respective lock-up period, be awarded additional shares in
the Company without consideration (i.e. Matching Shares) in the ratio 0.33:1
based on the number of shares originally subscribed for/acquired under the Share
Investment Program, subject to certain conditions being fulfilled. This means
that the participants may receive one Matching Share per third Share subscribed
More information about the Share Investment Program and the resolutions required
to be passed by the general meeting will be provided in the notice for the 2023
Annual General Meeting.
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
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.