Flex LNG said that its Board has resolved on Monday to issue 197,500 new shares following the exercise of staff options.
The shares will be issued and registered as soon as possible. Once issued the total shares outstanding will be 126,921,224.
James Clarke, a primary insider of Flex LNG, following this approval and issuance will be allotted 62,500 ordinary shares. The exercise price for the shares was USD 0.01.
James Clarke has confirmed that on 10 December he has tendered 52,500 shares as part of the Geveran Trading mandatory offer. The shares are being sold to cover the tax liability resulting from the option exercise and will be from his existing shareholding.
After the new share issuance and sale, James Clarke will have a holding of 72,500 shares in Flex LNG, representing 0.06% of the total shares outstanding. He also holds 105,000 options with exercise prices between NOK 6.5 and NOK 27.
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Press Release; Image: Flex LNG