Mandatory notification of trade
(Thomson Reuters ONE) -
Stavanger, 6 January 2011, Norwegian Energy Company ASA (Noreco, OSE:NOR):
Pursuant to the incentive scheme for the employees in Noreco, approved at the
general meeting held 6 May 2010, bonus to employees for 2010 has been approved.
According to Noreco's incentive scheme, the employees may purchase Noreco shares
representing up to 50% of their bonus, at market price. Employees who retain
these shares for two years, and are still employed in Noreco by the expiration
of the two-year period, are awarded a similar number of shares or an equivalent
amount in cash. Furthermore, Noreco shares are awarded as part of the company's
pension scheme, depending upon salary level.
For both these arrangements, the price per share is determined by the weighted
average price for the last five trading days of 2010, which was NOK 17.89.
As a result of this, the board of directors of Noreco today approved a capital
increase of NOK 2,495,087.70 by issuing 804,867 new shares. The shares will be
issued following registration of the share capital increase in the Register of
Business Enterprises.
The following primary insiders have been awarded Noreco shares at a price of
NOK 17.89 per share:
Scott Kerr has been awarded 59,467 shares, new balance is 1,805,093 shares.
Rune Martinsen has been awarded 22,596 shares, new balance is 737,935 shares.
Jan Nagell has been awarded 2,009 shares, new balance is 91,972 shares.
Thor Arne Olsen has been awarded 40,920 shares, new balance is 1,368,048 shares.
Stig Frøysland has been awarded 31,020 shares, new balance is 121,180 shares.
Birte Borrevik has been awarded 33,938 shares, new balance is 215,933 shares.
Einar Gjelsvik has been awarded 19,810 shares, new balance is 119,993 shares.
Lars Fosvold has been awarded 26,044 shares, new balance is 136,111 shares.
Kjetil Bakken has been awarded 15,416 shares, new balance is 15,416 shares.
Ellen Bratland has been awarded 12,589 shares, new balance is 61,010 shares.
Bård Lærum has been awarded 8,919 shares, new balance is 54,329 shares.
Simon Campbell has been awarded 16,060 shares, new balance is 101,698 shares.
Liselotte Kiørboe has been awarded 4,665 shares, new balance is 11,531 shares.
Odd Kjørholt has been awarded 16,350 shares, new balance is 44,011 shares.
Erik Borg has been awarded 4,050 shares, new balance is 11,128 shares.
For the company's management and some other employees, the awards are related to
precommitments entered in fourth quarter 2010 or earlier for purchase of shares
for a certain percentage of the potential bonus for 2010.
Regarding employees' right to bonus shares related to shares bought in 2009, the
company has elected to settle this in cash. These rights are in Noreco's annual
report for 2009 classified as options with an exercise price of NOK 0.00. Price
per share has been set to NOK 18.70 based on the closing price on 3 January
2011. The following primary insiders have been compensated accordingly:
Scott Kerr has been compensated for 22.706 shares.
Jan Nagell has been compensated for 16.170 shares.
Stig Frøysland has been compensated for 15.100 shares.
Birte Borrevik has been compensated for 14.024 shares.
Einar Gjelsvik has been compensated for 11.858 shares.
Lars Fosvold has been compensated for 12.705 shares.
Ellen Bratland has been compensated for 4.521 shares.
Bård Lærum has been compensated for 7.208 shares.
Simon Campbell has been compensated for 9.200 shares.
Liselotte Kiørboe has been compensated for 6.866 shares.
Odd Kjørholt has been compensated for 11.198 shares.
Erik Borg has been compensated for 4.371 shares.
For further information, please contact:
Kjetil Bakken, Investor Relations Manager (+47 91 889 889)
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: NORECO via Thomson Reuters ONE
[HUG#1477732]
Unternehmensinformation / Kurzprofil:
Datum: 06.01.2011 - 16:05 Uhr
Sprache: Deutsch
News-ID 50256
Anzahl Zeichen: 4778
contact information:
Town:
Stavanger
Kategorie:
Business News
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"Mandatory notification of trade"
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