29 March 2017 - On April 27, 2016, the Annual General Meeting of American Shipping Company ASA ("AMSC" or the "Company") granted the Board of Directors of AMSC an authorization to purchase treasury shares in connection with the Company's incentive scheme for employees. In accordance with this authorization, the Company will today place an order with an investment broker for purchase of 25,000 treasury shares, with execution from 30 March, 2017 and onwards.
The 25,000 shares will be sold to MB Capital AS, a company controlled by Morten Bakke, CFO of AMSC, as part of the incentive scheme for the Company's employees. The purchase price shall be the stock price at the date AMSC delivers the shares, less a price reduction of 20% to compensate for the lock-up restrictions on the shares for a period of three years.
Following the acquisition of the shares, MB Capital AS will hold 25,000 shares in AMSC, constituting approximately 0.04% of the Company's shares and votes.
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