Aker Solutions to Execute Share Purchase Program for Employees
November 1, 2019 - Aker Solutions will offer employees in selected jurisdictions the opportunity to purchase shares of the company.
The 2019 employee share purchase program allows participants to acquire shares for a trading value between NOK 10,000 and NOK 60,000. Participants are offered a general discount of up to NOK 3,000 on their total share purchase. In addition, a price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period. The purchase will be financed by a loan from Aker Solutions to be settled by salary deductions over a twelve-month period.
Aker Solutions will also offer selected managers the opportunity to buy additional shares for an amount of up to 25 percent of their annual base salary. A price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period. The managers are responsible for the financing and upfront cash settlement of these purchases.
The subscription period for both programs is November 1 to November 22, 2019. The price per share will be based on the average volume-weighted share price on the Oslo Stock Exchange in the period December 2 to December 6, 2019. Shares will be allocated to participants on December 9, 2019.
Aker Solutions will purchase own shares in the open market for onwards sale to participants under the programs. The company will acquire shares on the Oslo Stock Exchange in accordance with buy-back regulations set out in section 3-12 of the Norwegian Securities Trading Act. Based on subscription levels in previous share purchase programs in Aker Solutions, and reflecting the current holding of own shares, the company expects to buy back between 1 million and 2 million shares. The purchasing volume is subject to change based on the actual number of participants in the share purchase programs. The buyback of shares will be initiated immediately and is expected to be completed by December 6, 2019.
ENDS
Media Contact:
Ivar Simensen, mob: +47 464 02 317, email: ivar.simensen@akersolutions.com
Investor Contact:
Fredrik Berge, mob: +47 450 32 090, email: fredrik.berge@akersolutions.com
Aker Solutions helps the world meet its energy needs. We engineer the products, systems and services required to unlock energy. Our goal is to maximize recovery and efficiency of oil and gas assets, while using our expertise to develop the sustainable solutions of the future. Aker Solutions employs approximately 16,000 people in more than 20 countries.
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This press release may include forward-looking information or statements and is subject to our disclaimer, see https://akersolutions.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.