American Shipping Company ASA : Primary insider disclosure
March 29 2017 - 10:58AM
29 March 2017 - On April 27, 2016, 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 25,000 treasury shares, with
execution from 30 March, 2017 and onwards.
The 25,000 shares will be sold to MB Capital AS, a
company controlled by Morten Bakke, CFO of AMSC, 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, MB
Capital AS will hold 25,000 shares in AMSC, constituting
approximately 0.04% of the Company's shares and votes.
***
This information is subject
to the disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading Act.
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: American Shipping Company ASA via
Globenewswire
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