English

Höegh LNG : Disclosures related to the MLP - Mandatory notification of trade

Report this content

Höegh LNG Holdings Ltd. ("Höegh LNG", ticker "HLNG") advises of the following trading in the common units of its subsidiary, Höegh LNG Partners LP ("HMLP"), listed on New York Stock Exchange under ticker "HMLP", related to certain primary insiders of Höegh LNG (for similar disclosures related to management of Höegh LNG, please see separate stock exchange notice dated 6 June 2016):

HMLP Directors' remuneration to primary insiders of Höegh LNG

The Board of Directors of HMLP has approved the issuance of 2,130 common units in HMLP to each of Morten W. Høegh and Andrew Jamieson, chairman and director, respectively, of the Board of Höegh LNG and primary insiders of Höegh LNG, as part remuneration for services rendered by them as directors of HMLP.

The number of common units constitutes a remuneration to each of USD 37,500 based on the average unit price five days preceding 27 May 2016. In addition, each of the directors will also receive USD 37,500 in cash.

Phantom Unit Award to primary insider of Höegh LNG

Reference is made to the Form S-8 "Securities Registration: Employee Benefit Plan" ("Form S-8") filed by HMLP on 3 June 2016 with the U.S. Securities and Exchange Commission.

The Board of Directors of HMLP has awarded Richard Tyrrell, CEO & CFO of HMLP a total of 21,500 Phantom Units. A Phantom Unit is a notional unit that, upon vesting, entitles the participant to receive, at the time of settlement, a common unit in HMLP or an amount of cash equal to the fair market value of a common unit, as determined by the Board in its sole discretion.

The Phantom Units will vest with one third on 31 December 2017, 2018 and 2019, respectively. The Phantom Units are non-tradable and conditional upon the participant being employed by HMLP or its subsidiaries at the vesting date. Additional phantom units may be awarded as new participants may be included in the employee benefit plan.

Disclosure of holdings in Höegh LNG following above transactions

The total ownership interests subject to disclosure requirements held by the primary insiders following the above transactions are set out below:

  • Morten W. Høegh: 5,713 shares in Höegh LNG and 2,130 common units in HMLP. Please also see below.
  • Andrew Jamieson: 5,713 shares in Höegh LNG and 2,130 common units in HMLP. 
  • Richard Tyrrell: 9,215 shares and 76,917 options in Höegh LNG and 21,500 Phantom Units in HMLP. In addition, Rachel Brask-Tyrrell, related party of Richard Tyrrell, owns 5,000 common units in HMLP.

Disclosure regarding Morten W. Høegh
Leif Höegh & Co. Ltd., which is indirectly controlled by Leif O. Høegh and a family trust under which Morten W. Høegh is the primary beneficiary, holds a total of 31,933,849 shares, representing 41.54% of the shares in the Company and 287,500 common units in Höegh LNG Partners LP.
In addition, the following co-investment vehicles for management of Höegh Capital Partners, indirectly controlled by Leif O. Høegh and a family trust under which Morten W. Høegh is a primary beneficiary, holds shares in the Company as follows: 

  • Brompton Cross V Limited holds 28,500 shares, representing 0.04% of the shares in issue.
  • Brompton Cross VI Limited holds 31,916 shares, representing 0.04% of the shares in issue and 20,000 common units in HMLP. 
  • Brompton Cross VII Limited holds 40,800 shares, representing 0.05%of the shares in issue and 25,000 common units in HMLP.
  • Bromton Cross VIII Limited holds 28,500 shares, representing 0.04% of the shares in issue.

The percentage has been calculated based on a total of 76,884,061 shares in issue.

About Höegh LNG:

Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus growth plans on the FSRU market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Miami, Jakarta, Klaipeda and Cairo. The company employs approximately 110 office staff and 500 seafarers

Contacts:

Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone + 47 975 57 406
Birgitte Hjertum, VP Strategy, Communication and Investor Relations, Telephone +47 975 57 432

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs

Subscribe