In connection with Schibsted’s option scheme for key personnel, 75,000 options with the right to acquire 94,200 shares were exercised on 19 November 2010 at price NOK 142.80 per share. The options were allotted in 2006, and last date for exercise is 31 December 2010.
Schibsted has in connection with the exercise of options sold 94,200 own shares at the exercise price stated above. After the sale, Schibsted holds 4,565,352 own shares, of which 4,525,852 are held by Schibsted ASA and 39,500 by the subsidiary Bergens Tidende AS.
There is a requirement to reinvest in shares for all key personnel until the value of the total no. of shares owned is:
- CEO: 2 times gross salary
- EVPs: 1 time gross salary
- Other option holders: 0.5 times gross salary
If the reinvestment requirement is not fulfilled, the option holder is required to buy shares for at least 50 % of the profit after tax.
The following primary insiders have exercised options and sold shares in the market.
|Primary insider||Number of options exercised||Corresponding number of shares||Number of options held after exercise||Reinvested number of shares||Number of shares held after reinvestment|
|Rolv Erik Ryssdal||7,500||9,420||45,000||241||11,187|
|Jan Erik Knarbakk||15,000||18,840||30,000||15,063|
93,074 shares were subsequently sold in the market at an average price of NOK 158.9484 per share.
Primary insider Terje Seljeseth has on 19 November 2010 sold 10,000 shares at an price of NOK 161.00, as a concequence of acquisition of new home. Holding after the transaction is 5,119 shares.
Oslo, 22 November 2010
Jo Christian Steigedal
Vice president IR