SATS ASA: Additional investment employees in the Share Investment Program – Offer price before discount set at NOK 22.51 per share
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
- Christian Øvregaard: NOK 1 000 000
- Wenche Evertsen: NOK 500 000
- 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:
- Christian Øvregaard: 55 529
- Wenche Evertsen: 27 765
- 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.
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
Anne Flæte, Press Contact, phone: +47 932 56 295