SATS ASA: Implementation of New Share Investment Programme for all employees
Oslo, 11 November 2021.
On the basis of the resolution by the general meeting of SATS ASA (the “Company”) on 11 May 2021, all employees of the Company and its subsidiaries (except the executive management) (the “Eligible Employees”) have been invited to participate in a new share investment programme (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 comprise of up to 2,000,000 new shares to be issued by the Company (the “New Shares”) 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 5,000 and a maximum of NOK 15,000. In addition, certain key employees and managers of the group will be offered to invest in New Shares for additional amounts. Shares subscribed for such additional amounts 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 11 November 2021 and will expire on 18 November at 10:00 hours (CET) (the “Application Period”). The subscription price for the New 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 11 May 2021. The notice is attached to the announcement published by the Company on 19 April and is also available on the Company’s website satsgroup.com.
For further information, please contact: Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195 Martin Stenshall, acting Finance and Investor Relations Manager, phone: +47 473 38 331