Höegh LNG : Approval of delivery of shares to Directors as part remuneration
Hamilton, Bermuda, 5 June 2019 - Reference is made to the Annual General Meeting of Höegh LNG Holdings Ltd. (the "Company) held 6 June 2018 and a Board Meeting held on 5 June 2019 approving the delivery of shares to each of the below listed directors (the "Directors") of the Company as part remuneration for services rendered by them for the period June 2018 to June 2019.
Each Director will receive 4,007 shares and a total of 24,042 shares will be allocated from shares held by the Company. The shares constitute a total remuneration of USD 90,000 based on the closing price of NOK 32.50 of the Company's shares on 5 June 2019 and an exchange rate of NOK 8.6824 per US Dollar, which is the exchange rate quoted on the Norges Bank website at 5 June 2019.
The following Directors will receive shares (the number of shares held by the respective Director following the delivery of the shares is included in parenthesis):
- Morten W. Høegh (4,007 shares which has been transferred at the transaction price to Leif Höegh & Co. Ltd. (LHC) and will be delivered to LHC upon transfer of the shares. Please also see below).
- Leif O. Høegh (4,007 shares which has been transferred at the transaction price to LHC and will be delivered to LHC upon transfer of the shares. Please also see below).
- Andrew Jamieson (13,740 shares and 8,537 common units in Höegh LNG Partners LP (HMLP)).
- Ditlev Wedell-Wedellsborg (13,740 shares. In addition, Ditlev Wedell- Wedellsborg owns 15,242 shares in the Company through Niki Invest Aps. and 16,210 common units in HMLP through DWW Landbrug Aps.)
- Chris Finlayson (9,384 shares).
- Jørgen Kildahl (8,931 shares).
Disclosing regarding Morten W. Høegh and Leif O. Høegh:
Leif Höegh & Co. Ltd., which is indirectly controlled by Leif O. Høegh and family trusts under which Morten W. Høegh and his immediate family are primary beneficiaries, will following the transaction described above hold 441,037 common units in Höegh LNG Partners LP and 34,097,523 shares in the Company, representing 44.13% of the shares in issue in the Company.
In addition, the below Brompton Cross entities, which are co-investment vehicles for management of Höegh Capital Partners, indirectly controlled by Leif O. Høegh and by family trusts under which Morten W. Høegh and his immediate family are primary beneficiaries, hold the following ownership interest in the Company:
- Brompton Cross VIII Limited holds 28,500 shares in the Company, representing 0.04% of the shares in issue.
- Brompton Cross IX Limited holds 28,500 shares in the Company, representing 0.04% of the shares in issue.
The percentage has been calculated based on a total of 77,260,580 shares in issue in the Company.
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About Höegh LNG:
Höegh LNG 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. Its strategy is to develop the business through an extended service offering, with large-scale FSRUs as the main product, and focus on establishing long-term contracts with attractive risk-adjusted returns involving credible counterparts. The company is publicly listed on the Oslo stock exchange under the ticker HLNG, and owns approximately 46% of Höegh LNG Partners LP (NYSE:HMLP). Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia and Turkey. The group employs approximately 155 office staff and 545 seafarers.
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Håvard Furu, Chief Financial Officer, Telephone +47 991 23 443
Knut Johan Arnholdt, VP IR and Strategy, Telephone +47 922 59 131
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.