SATS ASA: Award of matching shares under the additional investment by the CEO in the 2020 share investment program and mandatory notification of trade
Reference is made to the stock exchange announcements dated October 1, 2020, and December 22, 2020, published by SATS ASA (the "Company") in connection with the additional investment by the CEO under the 2020 Share Investment Program. In order to further align the interests of the Company’s CEO with those of the Company’s shareholders, the board of directors resolved to expand the 2020 Share Investment Program for Sondre Gravir (the "2020 Additional SIP Investment"). Sondre Gravir acquired 97,330 shares in the 2020 Additional SIP Investment (which represented a total value of NOK 1,750,000 and a post-discount investment of NOK 1,400,000).
As part of the 2020 Additional SIP Investment, Sondre Gravir could be awarded additional shares in the Company without consideration ("Matching Shares") in the ratio 0.33:1 based on the number of shares acquired under the program, subject to certain conditions being fulfilled.
The conditions for awarding Matching Shares have been fulfilled. The board of directors has therefore, today, resolved to award 32,443 shares in the Company to Sondre Gravir. The value per Matching Share is NOK 9.85, which represents the trading price on Oslo Børs for the Company’s shares at the close of trading on September 29, 2023, including a 17.65% discount to reflect the one-year lock-up obligation on said shares.
The award of Matching Shares will be settled with existing shares in the Company, held in treasury. Prior to the award of the Matching Shares, the Company owned 650,904 shares. Following the settlement of the award, the Company will have 618,461 shares in treasury, representing approximately 0.30% of the issued share capital.
Mira Investment AS, a close associate of primary insider Sondre Gravir (CEO), has been awarded 32,443 Matching Shares in the Company. For more information, see the attached form. This transaction is notifiable pursuant to Article 19 of the Market Abuse Regulation.
For further information, please contact:
- Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
- Stine Klund, Investor Relations & Business Development Manager, phone: +47 986 99 259.
The disclosures set out in this announcement are subject to the disclosure requirement pursuant to section 5-12 of the Norwegian Securities Trading Act.