Songa Offshore SE : Update on Long Term Incentive Program
(Thomson Reuters ONE) -
Reference is made to the press release of 14 November 2014 regarding launch of
the Long Term Incentive Program (LTIP) established for employees, as well as the
press release of 25 November 2016 where it was announced that the Board of
Directors had awarded 1,096,510 (adjusted for reverse share split) restricted
stock units to management and certain key personnel in the Songa Offshore Group.
The first half of the awarded shares is vested on 1 July 2017 and the second
half is vested on 1 July 2018.
Going forward, purchases of shares in the market under the LTIP will be made in
accordance with the safe harbor rules under section 3-12 of the Norwegian
Securities Trading Act and the EU Commission Regulation on exemptions for buy-
back programs, which will provide safe harbor from the insider trading rules
(the safe harbor rules). The share purchases will commence during the last month
prior to the announced vesting dates. Under the currently announced vesting
dates, this will be June 2017 and June 2018. In accordance with the safe harbor
rules, the purchased volume, as well as the average purchase price per share,
will be announced by the Company on a daily basis. Following the vesting of the
restricted stock units under the LTIP, the shares allocated to primary insiders
will also be announced.
The amount of shares to be acquired under the LTIP in June 2017 is expected to
be approximately 330,000 shares, based on 50% of the awarded restricted stock
units vesting on 1 July 2017 and withholdings for personnel income tax. The
purchases related to the June 2018 vesting is expected to be corresponding and
other purchases in accordance with future award announcements.
Any purchases will be made by an investment firm in accordance with the
procedures under the safe harbor rules.
14 June 2017
Limassol, Cyprus
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Songa Offshore SE via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 14.06.2017 - 09:30 Uhr
Sprache: Deutsch
News-ID 547816
Anzahl Zeichen: 2581
contact information:
Town:
Oslo
Kategorie:
Business News
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"Songa Offshore SE : Update on Long Term Incentive Program"
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