Marine Harvest chairman takes opportunity to buy 750,000 shares at a predetermined price as payment for two and a half years of management.
Being the chairman of Marine Harvest is paying off for Ole-Eirik Lerøy. His cooperation with shipping tycoon and top Marine Harvest shareholder, John Fredriksen, has now been extended.
Ole-Eirik Lerøy’s investment company, Framar, and Fredriksen-controlled Sterna Finance Ltd, have on 11 November entered into a commercial two-and-a-half-year marine sector consultancy agreement, according to a stock market announcement from Marine Harvest.
In connection with the consultancy agreement, Sterna and Framar have entered into a separate dividend adjusted option agreement whereby Sterna has granted Framar an option to acquire 750,000 shares in Marine Harvest. The premium paid by Framar for the option is NOK 3.75 million (EUR 392.9 thousand). The option may be exercised by Framar once, and only for the full number of shares, between 11 May 2019 and 11 May 2021.
The strike price is set at NOK 229.90 per share, reflecting the closing price of the Marine Harvest share on 9 November 2018 plus a 5 % annual interest component till maturity.
If the option is exercised, Sterna will acquire a corresponding number of shares from Fredriksen company Geveran Trading, which is the largest shareholder in Marine Harvest.
In that case, Framar and Ole-Eirik Lerøy will control 2,250,332 shares, equivalent to 0.45 percent, of Marine Harvest.