Mandatory notification of trade
(Thomson Reuters ONE) -
The board of directors of Songa Offshore SE has decided to award stock
appreciation rights (or so-called "synthetic options") to certain key personnel
of the Songa Offshore Group. The number of new stock appreciation rights
corresponds to the value of 1,963,998 ordinary shares in the Company. Seen in
combination with the similar rights that were granted to employees in 2009, the
total number of outstanding stock appreciation rights as per today corresponds
to 4,518,998 ordinary shares in the Company (or approx. 2.69% of the Company's
existing share capital).
Each right gives the holder a right to receive, upon exercise, a cash
compensation equal to the quoted share price of the shares upon exercise, less
the strike price. The strike price has been set at NOK 31.40 per share, which
equals the closing price for the shares of Songa Offshore SE on the Oslo Stock
Exchange on 30 December 2010. The rights will be vested over a 3 year period
counted from 1 January 2011, with 1/3 of the rights being vested each following
year. The rights may be exercised at any time in the 24 month period after the
relevant vesting period.
The following primary insiders have been awarded stock appreciation rights under
the new incentive programme:
· Asbjørn Vavik, CEO, 300,000 stock appreciation rights. Following the
transaction, Mr. Vavik holds 100,001 shares and 900,000 rights to shares in the
Company (including the stock appreciation rights).
· Geir Karlsen, CFO, 300,000 stock appreciation rights. Following the
transaction, Mr. Karlsen holds 500,000 rights to shares in the Company
(including the stock appreciation rights).
· Trond Christensen, COO, 300,000 stock appreciation rights. Following
the transaction, Mr. Christensen holds 320,001 shares and 900,000 rights to
shares in the Company (including the stock appreciation rights).
Limassol, 31 December 2010
This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Songa Offshore SE via Thomson Reuters ONE
[HUG#1476614]
Unternehmensinformation / Kurzprofil:
Datum: 03.01.2011 - 08:51 Uhr
Sprache: Deutsch
News-ID 50166
Anzahl Zeichen: 2839
contact information:
Town:
Oslo
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"Mandatory notification of trade"
steht unter der journalistisch-redaktionellen Verantwortung von
Songa Offshore SE (Nachricht senden)
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