Norsk Hydro: Primary insiders to purchase shares under programs for Long Term Incentive and shares to employees
April 01 2015 - 2:04AM
Following approval by Norsk Hydro ASA's Annual General Meeting in
2010, the Board of Directors established a Long Term Incentive
(LTI) in the form of a remuneration of 30 percent and 25 percent of
annual base salary for the President and CEO and the other members
of the Corporate Management Board respectively. The LTI payment
requires that Hydro has had a positive underlying EBIT in the
previous year. The participants will be required to invest the net
amount after tax in Hydro shares and such shares must be held for
at least three years.
The following primary insiders will on April 7, 2015, acquire
Hydro shares under the above mentioned program at NOK 46.70 per
share.
Name |
Shares to be acquired |
Holding after LTI purchase |
President and CEO Svein Richard Brandtzæg |
19 954 |
180 519 |
Executive Vice President and CFO Eivind Kallevik |
8 025 |
29 100 |
Executive Vice President Arvid Moss |
8 083 |
125 768 |
Executive Vice President Hilde Merete Aasheim |
8 668 |
59 367 |
Executive Vice President Alberto Fabrini |
8 085 |
8 085 |
A total of 60 840 shares will be sold by Hydro to the
participants in the Long Term Incentive program.
Hydro holds 29 105 148 own shares after this transaction and the
number of outstanding shares are 2 039 893 128.
In addition, all employees employed by Norsk Hydro in Norway
have been offered to purchase shares valued at NOK 25,000 or NOK
12,500, with a 50 percent discount, under a general arrangement
offered each year. For employees taking part in this arrangement,
the share price is 23.35 per share, for 536 or 268 shares, which
will be sold from Hydro's position of treasury shares by the start
of May 2015.
The following primary insiders have under the scheme each agreed
to purchase 536 shares:
- President and CEO Svein Richard Brandtzæg - Executive Vice
President and CFO Eivind Kallevik - Executive Vice President Arvid
Moss - Executive Vice President Hilde Merete Aasheim - Executive
Vice President Anne-Lene Midseim - Executive Vice President Inger
Sethov - Executive Vice President Hanne Simensen - Executive Vice
President Kjetil Ebbesberg - Employee representative to the Board
of Directors Billy Fredagsvik - Employee representative to the
Board of Directors Ove Ellefsen - Employee representative to the
Board of Directors Sten Roar Martinsen - Company Secretary Ingeborg
Margrethe Liahjell
Investor contact Contact Pål Kildemo Cellular +47 97096711
E-mail Pål.Kildemo@hydro.com
Press contact Contact Halvor Molland Cellular +47 92979797
E-mail Halvor.Molland@hydro.com
Certain statements included within this announcement contain
forward-looking information, including, without limitation, those
relating to (a) forecasts, projections and estimates, (b)
statements of management's plans, objectives and strategies for
Hydro, such as planned expansions, investments or other projects,
(c) targeted production volumes and costs, capacities or rates,
start up costs, cost reductions and profit objectives, (d) various
expectations about future developments in Hydro's markets,
particularly prices, supply and demand and competition, (e) results
of operations, (f) margins, (g) growth rates, (h) risk management,
as well as (i) statements preceded by "expected", "scheduled",
"targeted", "planned", "proposed", "intended" or similar
statements.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, these forward-looking
statements are based on a number of assumptions and forecasts that,
by their nature, involve risk and uncertainty. Various factors
could cause our actual results to differ materially from those
projected in a forward-looking statement or affect the extent to
which a particular projection is realized. Factors that could cause
these differences include, but are not limited to: our continued
ability to reposition and restructure our upstream and downstream
aluminium business; changes in availability and cost of energy and
raw materials; global supply and demand for aluminium and aluminium
products; world economic growth, including rates of inflation and
industrial production; changes in the relative value of currencies
and the value of commodity contracts; trends in Hydro's key markets
and competition; and legislative, regulatory and political
factors.
No assurance can be given that such expectations will prove to
have been correct. Hydro disclaims any obligation to update or
revise any forward looking statements, whether as a result of new
information, future events or otherwise.
This information is subject of the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading
Act.
HUG#1907359
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