AMSC ASA: Buyback of own shares and share sale arrangement as part of incentive scheme for employees

On 25 April 2023, the Annual General Meeting of American Shipping Company ASA (“AMSC” or the “Company”) granted the Board of Directors of AMSC an authorization to purchase treasury shares in connection with the Company’s incentive scheme for employees. In accordance with this authorization, the Company will today place an order with an investment broker for purchase of 150,000 treasury shares, with execution from 13 December and onwards.

100,000 shares will be sold to Pål Magnussen, CEO of AMSC, and 50,000 shares will be sold to MB Capital AS, a company controlled by Morten Bakke, CFO of AMSC, as part of the incentive scheme for the Company’s employees. The purchase price shall be the closing price in the AMSC shares on Oslo Børs at the date AMSC delivers the shares to the employees, less a price reduction of 20% to compensate for lock-up restrictions on the shares for a period of three years.

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