FLEX LNG Approves Share Option Issuance (UK)

FLEX LNG announced that on Tuesday its Board of Directors approved the ASM notice and issuance of additional share options.

The 2012 ASM will be held on 23 November in the Isle of Man.

The number of shares outstanding is 125,412,622 and all shares have equal voting rights.

At the 2011 ASM meeting the shareholders approved the issuance of up to 2,500,000 options in the Company with the terms to be determined by the Compensation Committee.

On 7 November the Board of directors approved the issuance of 1,200,000 options to the Founders of the Company (Philip Fjeld, Jostein Ueland and Trym Tveitnes), at 400,000 per person.

The issuance has performance criteria linked to the share price of the Company with; 25% vesting upon the Company’s share price achieving a closing price at or above NOK 8.00 for a consecutive number of 30 days prior to the expiry date; 25% on a NOK 10.0 share price, including the consecutive day requirement; 25% on a NOK 12.0 share price, including the consecutive day requirement; and 25% on a NOK 14.0 share price, including the consecutive day requirement. In addition up to 800,000 options will be available for issuance to staff of the Company.

At present individual staff allocations have not be approved and the vesting criteria will be reached upon achievement of a NOK 6.00 share price (50%) and NOK 8.0 (50%), including the consecutive day requirement. The options have an exercise price of 0.01 USD.

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LNG World News Staff, November 08, 2012; Image: Flex LNG