Based on the power of attorney granted at the annual general meeting of EMGS on 21 June 2013, the Board of Directors of EMGS has in board proceedings 16 December 2013 approved a share issue of 399,500 shares, each with a face value of NOK 0.25 at the option price of NOK 4.28 per share for 12,000 of the new shares and NOK 5.77 for 387,500 of the new shares. As a result, the share capital will be increased by NOK 99,875 from NOK 49,835,013.75 to NOK 49,934,888.75. The number of shares after the issue is 199,739,555.
The share issue is completed through exercising of stock options in connection with EMGS' stock option program.
The following options were exercised by primary insiders - all options exercised by primary insiders in this options window are options which will expire after this exercise window:
Bjarte Bruheim, Chairman of the board, exercised 100,000 options. Following the option exercise Bjarte Bruheim owns 2,205,088 shares and holds 250,000 options in EMGS.
Roar Bekker, CEO of EMGS, exercised 185,000 options. Following the option exercise Roar Bekker owns 210,000 shares and holds 960,000 options in EMGS in EMGS.
Magni Hofstad, deputy board member, exercised 6,000 options. Following the options exercise Magni Hofstad owns 19,444 shares and holds 35,000 options in EMGS.
In addition, Chief Legal Counsel Anette Mellbye has exercised 44,000 options. Mellbye transferred her right to receive shares resulting from the exercise of options to a third party. The number of shares held subsequent to the option exercise will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Final number of shares held by Mellbye will be reported to Oslo Børs when known. After the transaction, Mellbye holds 330,000 options in EMGS.
Contacts
Charlotte Knudsen, EMGS head of investor relations, +47 97 56 19 59
About EMGS
EMGS, the marine EM market leader, uses its proprietary electromagnetic (EM) technology to support oil and gas companies in their search for offshore hydrocarbons. EMGS supports each stage in the workflow, from survey design and data acquisition to processing and interpretation. The company's services enable the integration of EM data with seismic and other geophysical and geological information to give explorationists a clearer and more complete understanding of the subsurface. This improves exploration efficiency and reduces risks and the finding costs per barrel.
EMGS operates on a worldwide basis with main offices in Trondheim and Oslo, Norway; Houston, USA; and Kuala Lumpur, Malaysia.
For more information, visit www.emgs.com