In reference to public announcement on 15 December 2015 regarding the savings program for the employees in SpareBank 1 SMN. Below follows an update on the programme, and some information about the primary insiders participation.
Employees who have elected to participate in the programme will save a monthly amount through reduced pay-outs in salary from February to December 2016. The savings amount will be used to buy equity capital certificates in SpareBank 1 SMN quarterly. All employees participating will save a fixed amount for 2016, with no possibility to change the amount.
SpareBank 1 SMN aims to purchase EECs in the public market every quarter after publishing the results for 1st, 2nd and 3rd quarter and medio December 2016. The EECs will be transferred to the employees as soon as possible after they are purchased. The employees will purchase the EECs at the same price that SpareBank 1 SMN paid, without any form of discount.
601 employees have elected to participate in the programme and the total savings amount is NOK 6,606,000 for 2016.
Enclosed to this announcement is a list of primary insiders participating in the savings programme for 2016. The amounts listed are total amounts for 2016. Purchase price and number EECs bought by each primary insider will be publicized each quarter after completion of the transactions.
Contact person in SpareBank 1 SMN:
Executive Vice President, Finance, Kjell Fordal, tel. +47 905 41 672
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SpareBank 1 SMN via Globenewswire
HUG#1994382