Aker Solutions ASA confirms execution of employee share purchase programme
In April 2013, invitations to take part in the 2013 employee share purchase programme (ESP) were distributed to approximately 19,000 employees in ten countries. The employees may subscribe for Aker Solutions shares by choosing from six different purchase categories, from NOK 10,000 up to NOK 60,000. The participants are offered a general discount of NOK 1,500 for their total share purchase. In addition, a price reduction of 25% of the share price will apply in exchange for the purchased shares being subject to a three year lock-up period under which the shares cannot be sold or otherwise disposed of. Shares purchased under the ESP are financed by a loan from Aker Solutions to each participant, to be settled by way of salary deductions over a period of 12 months, said in the company's press release.
Aker Solutions has also offered approximately 250 eligible senior officers to take part in the 2013 manager share purchase programme (MSP) under which the participants may purchase shares for up to 25% of their annual base salary. A price reduction of 25% of the share price is offered under the MSP in exchange for the purchased shares being subject to a three year lock-up period. Shares purchased under the MSP are to be fully financed by each participant and settled in cash.
The subscription period for both the ESP and the MSP will run from 8 May to 24 May 2013. The price per share will be based on the average volume weighted share price on the Oslo Stock Exchange over the period 17-21 June 2013. Allocation of shares to be received by each participant based on the applicable share price will be carried out on 24 June 2013. The acquired shares will shortly thereafter be transferred to the participants' VPS accounts.
Aker Solutions ASA will use own shares to sell to all participants of the two share programmes. Following the allocation, a new stock exchange release will be published providing information on the total number of shares being sold and details of any share purchases by primary insiders of the company.