Aker Solutions said it will offer employees in selected jurisdictions the opportunity to buy shares of the company.
According to the company, the 2016 employee share purchase program should allow participants to acquire shares for between NOK 10,000 and NOK 60,000. Participants are offered a general discount of NOK 1,500 on their total share purchase. In addition, a price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period.
The purchase will be financed by a loan from Aker Solutions to be settled by salary deductions over a twelve-month period, the company said.
Aker Solutions will also offer selected managers the opportunity to buy additional shares worth as much as 25 percent of their annual base salary. A price reduction of 25 percent of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period. The managers are responsible for the financing and upfront cash settlement of these purchases.
The subscription period for both programs is October 28 – November 11, 2016. Invitations to participate will be distributed to eligible employees and managers around mid-October 2016.
The price per share will be based on the average volume-weighted share price on the Oslo Stock Exchange in the period December 8-14, 2016. Shares will be allocated to participants on December 15, 2016.
The company will purchase own shares in the open market to sell to participants in the programs.