Based on the authorisation granted by the general meeting of Spectrum ASA
("SPU" or "Company") on 20 May 2016, the Board of Directors of SPU has in a board meeting held on 20 February 2017 approved a share issue of up to 1,000,000 shares, each with a par value of NOK 1.0 per share at the option price of NOK 8.50 for 615,000 of the new shares, NOK 11.16 for 150,000 of the new shares, NOK 16.15 for the next 85,000 of the new shares, NOK 29.46 for the next 100,000 of the new shares and NOK 29.96 for the remaining 50,000 of the new shares. As a result of the Board resolution, the Company's share capital will increase with NOK 1,000,000 from NOK 53,449,103 to NOK 54,449,103, divided on 54,449,103 shares each with a par value of NOK 1.00.
Participants in the Company's share option program have on 20 February 2017 exercised a total number of 1,000,000 options, each giving one new share in the Company. The following primary insiders in the company exercised their options:
|Name||Title||# of options||NOK per Option|
|Rune Eng||President and CEO||615,000||NOK 8.50|
|Jan Schoolmeesters||COO||150,000||NOK 11.16|
|Svein Staalen||General Counsel||85,000||NOK 16.15|
|Kim Gunn Maver||Senior Vice President||100,000||NOK 29.46|
|Ian Setterfield||Vice President Sales||50,000||NOK 29.96|
On 20 February 2017, the primary insiders listed above transferred their rights to receive shares resulting from the exercise of the options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. The final compensation for the transferred rights will be reported to Oslo Børs when executed.
After the exercise of the options (excluding the new shares resulting from the exercise of the options), the primary insiders mentioned above will have the following holdings:
|Name||# Shares||# of options|
|Kim Gunn Maver||8,200||140,000|
For further information, please contact:
Mobile phone: +47 92 26 69 48
Spectrum provides innovative Multi-Client seismic surveys and seismic imaging
services to the global oil and gas industry from offices in Norway, the UK, USA,
Brazil, Egypt, Australia, Indonesia and Singapore. Spectrum designs, acquires
and processes seismic data to deliver high quality solutions through its
dedicated and experienced workforce. Spectrum holds the world's largest library
of Multi-Client 2D marine seismic data and a significant amount of 3D seismic.
The company's strategy focuses on both the major, established hydrocarbon-
producing regions of the world as well as key frontier areas identified by our
experienced team of geoscientists. The Spectrum library of Multi-Client data
contains projects from many of the foremost oil producing regions of the world.
These include new acquisition, reprocessing and interpretation reports.