SATS ASA: Implementation of Share Investment Program for employees and certain members of the board of directors
On the basis of the resolution by the general meeting of SATS ASA (“the Company”)on 26 May 2020, all employees of the Company and its subsidiaries and the members of the board of directors of the Company, except from Hugo Maurstad, (the “Eligible Employees”) have been invited to participate in a 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 comprises of up to 2,550,000 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, the executive management, other management personnel and certain other key employees of the Company 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 22 June 2020, and will expire on 29 June 2020 at 10:00 hours (CEST) (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, including its main terms and conditions, is provided in the notice of the annual general meeting of the Company held on 26 May 2020. The notice is attached to the announcement published by the Company on 28 April 2020 and is also available on the Company’s website www.satsgroup.com.
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259