Akastor ASA: Share purchase programs for employees

  • November 14, 2014
  • 08:37
  • Stock exchange release

November 12, 2014 - Akastor ASA is offering individuals who are employed by its subsidiaries in selected jurisdictions the opportunity to buy shares in Akastor ASA through the 2014 Share Purchase Programs for employees and managers.
 
The 2014 Employee Share Purchase Program allows eligible employees to buy shares at certain set purchase amounts between a minimum trading value of NOK 10,000 and maximum NOK 60,000. The employees will be offered a standard discount of NOK 1,500 for participation in the Employee Share Purchase Program. 
 
In addition, Akastor is offering certain managers the opportunity to buy shares through a separate 2014 Manager Share Purchase Program. The Manager Share Purchase Program allows eligible managers to purchase shares for a maximum amount equal to 25 percent of their base salary. 
 
The share price will be based on the average volume weighted share price on Oslo Børs over the last five trading days preceding the date of delivery of the shares. The shares purchased through the Employee- and Manager Share Purchase Programs are subject to a three year lock-up period from the date of delivery. Akastor offers a 25 percent price reduction of the trading value of the shares purchased under both programs. 
 
The subscription period for both programs runs from November 14, 2014 to November 28, 2014.
 
Akastor was given authority by the shareholders at the Annual General Meeting held April 10, 2014 to purchase up to ten percent of its outstanding share capital for use in the share purchase programs for employees. Akastor intends to acquire shares for both programs in the open market from November 14 2014.  Akastor has appointed ABG Sundal Collier to carry out the purchases. 
 
For further information, please contact:
 
Tore D. Langballe 
Head of Communications & Investor Relations 
Mob: +47 907 77 841 
 
Akastor ASA is an oilfield services investment company with a flexible mandate for long-term value creation. The company exercises active ownership combining a range of strategic, operational and financial measures to develop and unlock the full value potential of its portfolio of companies. Akastor ASA employs approximately 7,400 people.
 
ENDS
 
Denne opplysningen er informasjonspliktig etter verdipapirhandelloven §5-12