American Shipping Company ASA: Primary Insider Disclosure
The following primary insiders (or their related parties as described below) have, as part of the company’s incentive program, today committed to acquire shares in American Shipping Company ASA (the "Company" or "AMSC"):
* Pål Lothe Magnussen, CEO, has acquired 20,000 shares in AMSC. Upon completion of such acquisition, Pål Lothe Magnussen will own, directly or indirectly, 85,000 shares in the Company, corresponding to 0.14% of the share capital and votes in the Company.
* Morten Bakke, CFO, has through his wholly owned company MB Capital AS acquired 30,000 shares in AMSC. Upon completion of such acquisition, Morten Bakke will own, directly or indirectly, 80,000 shares in the Company, corresponding to 0.13% of the share capital and votes in the Company.
*Leigh Jaros, Controller, has acquired 2,000 shares in AMSC. Upon completion of such acquisition, Leigh Jaros, will own, directly or indirectly, 2,000 shares in the Company, corresponding to 0.003% of the share capital and votes in the Company.
The acquisition of shares will be made as part of the Company's management incentive program and will therefore be acquired from the Company. The price paid per share will equal the closing price as of the date AMSC delivers the shares, less a discount of 20% reflecting that the shares will have a lock-up period of three years.
The Company intends to deliver the shares in the form of treasury shares held by or acquired by the Company. In order to have shares available for delivery under the incentive program, the Company intends to buy back a total of up to 52,000 shares in the Company through open market purchases, adding to the Company's current holding of 0 treasury shares. The buyback is carried out pursuant to the authorization granted to the Company’s Board in the annual general meeting held on 27 April 2020.
This information is subject to sections 4-2 and 5-12 of the Norwegian Securities Trading Act.