FOLLOWING the announcement this morning that Knut Nesse will be the new chairman of AKVA, the company said Nesse’s own firm, Nesse & Co, had today acquired 50,000 shares from AKVA group (treasury shares) at a price of NOK 75.60 per share.
Knut Nesse and Nesse & CO owned nil shares in AKVA group prior to the acquisition.
AKVA group and Knut Nesse have entered into an option agreement which gives him the right to acquire a further 50,000 shares at the same price. The option agreement is subject to the general meeting’s approval.
The options can be exercised in the period from April 1, 2022, to August 31, 2022, conditional on Nesse still being a member of the board or employed in AKVA group or in one of its subsidiaries.
The options can also be exercised prior to the period if a takeover offer is made and completed, resulting in a change of control in the company.
The company can settle the options by issuing new shares, delivering its own shares (treasury shares) or by paying cash compensation equal to the difference between the strike price and the market price for the company’s shares at the time of exercise.
The board of AKVA group said it recognised that the agreement is not in line with the recommendation in the Norwegian Code of Practice, which is also reflected in AKVA group’s statement of Corporate Governance, that board members should not be granted share options.
But the board added in a statement: ‘It would be in the best interest of the company and its shareholders to accept the non-compliance in order to secure the appointment of an experienced chairperson with long and broad industry knowledge and international experience.’