Mowi Chairman earns €15.5 million on lucrative option agreement

News
787

Ole-Eirik Lerøy cashes in.

Lerøy family’s investment company Framar, which the Mowi Chairman Ole-Eirik Lerøy owns 70 per cent, was left with a pre-tax profit of EUR 15.5 million in 2018, reports Klassekampen.

Lerøy has a total of 1.5 million shares in Mowi. The reason for this is that he has entered into several share purchase agreements with Mowi’s largest shareholder, John Fredriksen after he became Chairman of the company in 2010, the newspaper wrote.

In November last year, Lerøy received a new option package from Fredriksen, which gave him the opportunity to purchase 750,000 shares at a pre-agreed price for two and a half years of board work.

This paid Framar EUR 38,000 to give it a right, not a duty, to buy the shares between May 11 this year and May 11, 2021. The strike price is set at NOK 229.90 per share.

Following the exercise of the option, Lerøy will own approximately 2.3 million Mowi shares, corresponding to 0.45 per cent of the company.

Ole-Eirik Lerøy didn’t want to comment on the matter in the publication.