Hamilton, Bermuda, 30 December 2017 – Höegh LNG Holdings Ltd. (“HLNG” or the “Company”) hereby notifies that the Methane Ventures Limited (“MVL”) co-investment scheme will expire on 31 December 2017. MVL is an investment company established in 2006 jointly owned by HLNG and key employees of HLNG with the purpose of investing in HLNG shares. In connection with the termination of the co-investment scheme, HLNG has acquired 529,000 shares in MVL from key employees, with the following primary insiders disposing of their shareholdings as follows:
- Sveinung J. S. Støhle, President & CEO, disposed of 249,000 shares in MVL. Following the transaction, Mr. Støhle owns 134,738 common shares and 423,000 options in HLNG, and 7,968 common units and 20,996 phantom units in Höegh LNG Partners LP (“HMLP”).
- Steffen Føreid, Chief Financial Officer, disposed of 70,000 shares in MVL. Following the transaction, Mr Føreid owns 21,805 shares and 179,200 options in HLNG, and 7,591 common units and 9,198 Phantom Units in HMLP.
- Ragnar Wisløff, Chief Development Officer, disposed of 50,000 shares in MVL. Following the transaction, Mr Wisløff owns 23,934 shares and 165,600 options in HLNG, and 5,178 common units and 4,000 phantom units in HMLP.
- Vegard Hellekleiv, Chief Operations Officer, disposed of 30,000 shares in MVL. Following the transaction, Mr Hellekleiv owns 23,364 shares and 165,600 options in HLNG, and 4,000 Phantom Units in HMLP.
- Øivin Iversen, Chief Technical Officer, disposed of 20,000 shares in MVL. Following the transaction, Mr Iversen owns 346 shares and 165,600 options in HLNG.
Based on the current share price of HLNG, the NOK/USD exchange rate and outstanding debt in MVL, the shares in MVL have no value and were acquired by the Company for zero consideration. There is a purchase price adjustment mechanism in place, whereby the sellers of the MVL shares will be entitled to a subsequent consideration subject to a potential positive development of the HLNG share price and/or the NOKUSD exchange rate over the next six months.
Following these transactions, HLNG owns 100% of the shares in MVL, which owns 1,211,738 shares in HLNG that will be distributed to and held as treasury shares by the Company. As of 30 December 2017, the number of issued shares in HLNG is 77,244,746.
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About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG’s vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus its growth plans in the FSRU market, with the objective of securing long-term contracts with strong counterparties at attractive returns. Höegh LNG is a Bermuda based company with established presence in Norway, Singapore, the UK, USA, South Korea, Indonesia, Lithuania, Egypt, Colombia, China and Turkey. The company employs approximately 125 office staff and 500 seafarers.
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone +47 975 57 406
Erik Folkeson, Head of IR, Telephone +47 414 21 769
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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: Höegh LNG via Globenewswire
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