AMSC American Superconductor Corp

18 January 2016 - On April 22, 2015, the Annual General Meeting of American Shipping Company ASA ("AMSC" or the "Company") granted the Board of Directors of AMSC an authorization to purchase treasury shares in connection with the Company's incentive scheme for employees. In accordance with this authorization, the Company will today place an order with an investment broker for purchase of 30,000 treasury shares, with execution from January 19, 2016 and onwards.
The 30,000 shares will be sold to the Company's CEO, Pål Magnussen, as part of the incentive scheme for the Company's employees. The purchase price shall be the stock price at the date AMSC delivers the shares, less a price reduction of 20% to compensate for the lock-up restrictions on the shares for a period of three years.
Following the acquisition of the shares, Pål Magnussen will hold 50,000 shares in AMSC, constituting approximately 0.08% of the Company's shares and votes.
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.