American Shipping Company ASA: Buyback of own shares and share sale arrangement as part of incentive scheme for employees
16 September 2021 - On 20 April 2021, 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 45,000 treasury shares, with execution from 17 September 2021 and onwards.
25,000 shares will be sold to Pål Magnussen, CEO of AMSC, and 20,000 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.
This release is an announcement subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. It is issued for information purposes only, and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.