The board of directors of Akastor ASA has on November 5, 2014 resolved that Frank O. Reite, CEO of Akastor ASA (either personally or through his wholly-owned subsidiary Fausken Invest AS) may purchase up to 100,000 treasury shares yearly from the company under the standard share purchase program of Akastor.
Furthermore, the board has resolved that Mr. Reite may purchase up to 100,000 additional treasury shares in 2014 at the price of 18.72 NOK per share. The share price equals the average share price for the first 20 days of trading following completion of the demerger of the Aker Solutions group on 29 September 2014, less a discount of 20 percent. The shares are subject to a three year lock-up period.
Mr. Reite is also eligible for participation in the company's variable pay program for executive personnel, whereby the variable pay may be settled in either cash or shares in the company.
Mr. Reite currently owns no shares in Akastor ASA. The share entitlements adopted by the board as described above entitles Mr. Reite to purchase a maximum of 200,000 shares in 2014, and thereafter up to 100,000 shares in the following years where he is the CEO of Akastor ASA.
For further information, please contact:
Tore D. Langballe
Head of Communications and 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.
This information is subject of the disclosure requirements pursuant to Sections 4-2 and 5-12 of the Norwegian Securities Trading Act.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Akastor ASA via Globenewswire