Norsk Hydro AS Norsk Hydro: Primary Insiders Purchase Shares Under Long Term Incentive Program And Shares To Employees
03 April 2017 - 12:32PM
UK Regulatory
TIDMNHY
Norsk Hydro ASA has a share-based 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 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 terms of the LTI-plan are changing in 2017, to a potential of 30%
remuneration for all members of the CMB and payments will hereafter be
based partly on achieved return on capital employed, and partly on
return on capital employed measured against a weighted average of return
on capital employed from comparable companies.
The following primary insiders have on April 3rd 2017, acquired Hydro
shares under the above-mentioned program at NOK 48.83 per share.
Name Acquired shares Holding after LTI purchase
President and CEO Svein Richard
Brandtzæg 20 351 230 964
Executive Vice President and CFO
Eivind Kallevik 8 222 50 024
Executive Vice President Arvid
Moss 8 222 146 692
Executive Vice President Hilde
Merete Aasheim 8 833 81 776
Executive Vice President Kjetil
Ebbesberg 8 715 47 346
Executive Vice President
Anne-Lene Midseim 6 571 20 710
Executive Vice President Inger
Sethov 6 012 18 673
Executive Vice President Hanne
Karine Simensen 6 571 19 135
A total of 73 497 shares have been sold by Hydro to the participants in
the Long Term Incentive program. Hydro holds 26 030 663 own shares after
this transaction and the number of outstanding shares are 2 042 967 613.
In addition, all employees employed by Norsk Hydro in Norway have been
offered to purchase shares valued at NOK 25 000, with a 50 percent
discount, under a general arrangement offered each year. For employees
taking part in this arrangement, the share price is NOK 24.41 per share,
for 511 shares, which will be sold from Hydro's position of treasury
shares by the start of May 2017.
The following primary insiders have under the scheme each agreed to
purchase 511 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 Kjetil Ebbesberg
- Executive Vice President Anne-Lene Midseim
- Executive Vice President Inger Sethov
- Executive Vice President Hanne Simensen
- 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 Stian Hasle
Cellular +47 97736022
E-mail Stian.Hasle@hydro.com
Press contact
Contact Halvor Molland
Cellular +47 92979797
E-mail Halvor.Molland@hydro.com
Cautionary note
Certain statements included in this announcement contain forward-looking
information, including, without limitation, information relating to (a)
forecasts, projections and estimates, (b) statements of Hydro management
concerning plans, objectives and strategies, such as planned expansions,
investments, divestments, curtailments 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, and (i) qualified statements such as
"expected", "scheduled", "targeted", "planned", "proposed", "intended"
or similar.
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 businesses;
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 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: Norsk Hydro via Globenewswire
http://www.hydro.com/en/?WT.mc_id=Pressrelease
(END) Dow Jones Newswires
April 03, 2017 06:32 ET (10:32 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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