The board of directors of AKVA group ASA ("AKVA group" or the "Company") has decided to launch a share incentive program (the "Share Incentive Program") for certain eligible employees of the Company and its subsidiaries.
The intention of the Share Incentive Program is to give employees an opportunity to buy shares in the Company at a discounted price. The shares offered to employees are existing shares in AKVA group which have been acquired in the market in accordance with a share buy-back program initiated by AKVA group, and which are offered to employees under an exemption from the obligation to prepare an offering prospectus set out in section 7-4 (1) no. 9 of the Norwegian Securities Trading Act. No prospectus will accordingly be prepared in connection with the Share Incentive Program.
The employees eligible for participation in the Share Incentive Program must confirm their participation in the program in the period commencing on 23 June 2017 and ending on 30 June 2017 at 12:00 hours CET. The shares will be allocated to such employees in July 2017.
Overview of terms and conditions for participation in the Share Incentive Program:
- The Share Incentive Program is limited to employees of the Company and its subsidiaries with permanent employment contracts at commencement of the Share Incentive Program ("Eligible Employees")
- The share price offered to Eligible Employees will be NOK 60,46, which is the average price the Company has paid for shares acquired up to 22 June 2017 through the share buyback program initiated on 30 May 2017 (the "Share Buyback Program"), NOK 75,58 per share, minus a discount of 20 per cent
- Eligible Employees will be able to buy shares for NOK 5 000, NOK 10 000, NOK 20 000, NOK 30 000, NOK 40 000 or NOK 50 000.
- There will be an option for Eligible Employees to pay for purchased shares through a one-time deduction in salary payment in August 2017 or by monthly deductions in salary over 6 months starting in July 2017
- To the extent Eligible Employees choose to pay in monthly instalments through a deduction from the salary, participation in the Share Incentive Program will be limited to an amount less than or equal to 2 months of net salary payment (salary after tax) for such Eligible Employees. In the event Eligible Employees seize to be employed or are subject to time limited lay off without having settled all outstanding instalments, the remaining instalments will be deducted from the salary as part of the final wage settlement.
- Eligible Employees participating in the Share Incentive Program will be responsible for and have to cover their own personal tax cost related to receiving discounted shares from their employer. The tax treatment on a personal level varies from country to country. Their employer may, depending on local law and regulations, have to implement payroll withholding on the benefit earned by Eligible Employees, as well as comply with any tax reporting requirements.
- If the Company is not able to buy a sufficient number of shares in the market through the Share Buyback Program to deliver all shares ordered by Eligible Employees, then the number of shares allocated to participating Eligible Employees will be reduced on a pro rata basis. For illustrative purposes: if the Company is only able to buy 90 per cent of the required shares in the market, then each participating Eligible Employees will be allocated only 90 per cent of the number of shares requested.
Timetable:
- Eligible Employees must confirm their participation in the Share Incentive Program in the period commencing on 23 June 2017 and ending on 30 June 2017 at 12:00 hours CET
- Participating Eligible Employees will be notified regarding the amount of shares they will be allocated no later than 5 July 2017
- Shares will be delivered to participating Eligible Employees in July 2017
Securities represent a speculative investment and involves a high degree of risk. An investment in the Company's shares is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of the investment. Each Eligible Employee contemplating an investment in the Company's shares must determine the suitability of that investment in light of its own circumstances. In particular, each potential investor should, inter alia:
- have sufficient knowledge and experience to make a meaningful evaluation of the Company's shares and the merits and risks of investing in the Company's shares;
- have access to, and knowledge of, appropriate analytical tools to evaluate, in the context of its particular financial situation, an investment in the Company's shares and the impact the Company's shares will have on its overall investment portfolio;
- have sufficient financial resources and liquidity to bear all of the risks of an investment in the Company's shares;
- be able to evaluate (either alone or with the help of a financial adviser) possible scenarios for economic and other factors that may affect its investment and its ability to bear the applicable risks.
Past performance of the shares is not an indication of future performance.
About AKVA group
AKVA group is a technology and service partner to the aquaculture industry worldwide. The company has 842 employees, offices in 9 countries and a total turnover of NOK 1.6 billion in 2016. We are a public listed company operating in one of the world's fastest growing industries and supply everything from single components to complete installations, both for cage farming and land based aquaculture. AKVA group is recognized as a pioneer and technology leader through more than 40 years. The Corporate Headquarter is in Bryne, Norway.
Date: 23. June 2017
AKVA group ASA
| Hallvard Muri | Chief Executive Officer |
| Phone: | +47 51 77 85 00 |
| Mobile: | +47 91 58 07 50 |
| E-mail: | hmuri@akvagroup.com |
| Simon Nyquist Martinsen | Chief Financial Officer |
| Phone: | +47 51 77 85 00 |
| Mobile: | +47 91 63 00 42 |
| E-mail: | snmartinsen@akvagroup.com |
This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
