SATS ASA: Additional investment by CEO in the Share Investment Program – acquisition of shares by primary insider
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 the Company’s CEO with those of the Company’s shareholders, the board of directors has resolved to expand the Share Investment Program for Sondre Gravir. Mr. Gravir has been offered, and has accepted, to invest an additional amount of NOK 1,750,000 by acquiring shares under the Share Investment Program from the Company (the “Additional SIP Investment”).
The exact number of shares to be acquired by Mr. Gravir depends on the offer price per share. The offer price (before discount) for the shares shall be equal to the volume-weighted average share price for the Company’s shares on the Oslo Stock Exchange during the 10 trading days from and including 23 September 2020 with a 20% discount. The Company will make a separate announcement regarding the offer price and the exact number of shares to be acquired by Mr. Gravir, and his shareholding following the acquisition, once the offer price has been set.
The Additional SIP Investment is subject to the same terms and conditions as the other shares acquired by Mr. Gravir under the Share Investment Program, including Matching Shares in the ratio of 0.33:1 based on the number of shares acquired under the Additional SIP, subject to certain conditions being fulfilled, and a lock-up period of three years from delivery of the shares acquired.
The Additional SIP investment by Mr. Gravir is 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 Investment 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 Investment, Mr. Gravir 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.
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