With reference to the power of attorney granted at the ordinary general meeting of EMGS on 1 March 2007, the Board of Directors has in a board meeting 13 March 2008 approved a share issue of 65,000 shares, each with a face value of
NOK 0.25. As a result, the share capital will be increased by NOK 16,250 from NOK 18,562,939.50 to NOK 18,579,189.50.
The share issue is completed through exercising of stock options in connection with EMGS` stock option program to key employees.
Remaining stock options granted to employees in the EMGS Group after this exercise are 2,155,300 with maturity within 23.11.2013.
The following primary insiders have decided to exercise options:
Odd Tjelta
35,000 shares at a subscription price of NOK 10.95.
10,000 shares at a subscription price of NOK 26.
After the transaction Odd Tjelta has 260,214 shares and 65,000 options.
Christohper Allan Wright
20,000 shares at a subscription price of NOK 10.95.
After the transaction Christopher Allan Wright has 146,485 shares and 20,000 options.
An updated Company Certificate of Registration will be sent to OSE when received from the Register of business enterprises.
For further information, please contact:
Svein Knudsen, CFO, +47 73 56 88 10
About EMGS
EMGS is the market leader in deep electromagnetic (EM) imaging. The company launched the EM imaging industry in 2002 with the commercialisation of seabed logging, a proven exploration method that uses EM energy to find offshore hydrocarbons without drilling wells.
This proprietary and patented technology has been developed over the past 10 years, and its ability to indicate hydrocarbons directly is enabling EMGS` customers to dramatically improve their exploration performance in frontier and mature provinces.
EMGS employs over 300 people from three main offices in Trondheim, Norway; Houston, USA; and Kuala Lumpur, Malaysia. The company operates the world`s largest EM vessel fleet, and has conducted more than 300 surveys for many of the world`s leading energy companies.
Please visit www.emgs.com for the latest news and in-depth information about EMGS and EM imaging technology.
For general enquiries please email findinghydrocarbons@emgs.com.