SATS ASA: Implementation of New Share Investment Programme for the executive management and certain other key employees
Oslo, 26 September 2022.
On the basis of the resolution by the general meeting of SATS ASA (the “Company”) on 4 April 2022, the board of directors has decided to implement a new share investment program for members of the executive management and certain other key employees of the Company and its subsidiaries (the “Eligible Employees”) (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 comprises of up to 910,130 existing shares held by the Company in treasury, 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 15,000 and a maximum amount of up to NOK 1,500,000 depending on employee category. In addition, a certain group of Eligible Employees will also be offered Matching Shares. Shares purchased in the Investment Program 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 26 September 2022 and will expire on 27 September 2022 at 20:00 hours (CEST) (the “Application Period”). The purchase price for the 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 4 April 2022 and the guidelines for determination of salary and other remuneration to executive personnel. The notice and the guidelines are attached to the announcement published by the Company on 8 March 2022 and are also available on the Company’s website satsgroup.com.
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