With reference to the power of attorney granted at the ordinary General meeting of EMGS on 5 June 2008, the Board of Directors has in a board meeting 16 June 2008 approved a share issue of 303 500 shares, each with a face value of NOK 0.25. As a result, the share capital will be increased by NOK 75 875.00 from NOK 18 579 189.50 to NOK 18 655 064.50.
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 2 542 800 with maturity within 11/04/2015.
177 000 options were exercised by primary insiders on the 16/06/2008.
Ken W. Feather has exercised 67.000 options in the Company, corresponding to 27,000 shares at the strike price of NOK 7.30 and 40,000 shares at the strike price of NOK 10.95.
Svein Knudsen has exercised 40,000 options in the Company, corresponding to 40,000 shares at the strike price of NOK 10.95.
Svein Ellingsrud has exercised 70,000 options in the Company, corresponding to 50,000 shares at the strike price of NOK 10.95 and 20,000 shares at the strike price of NOK 26.00.
Transfer of rights
On 16/06/2008, the primary insiders mentioned below transferred their rights to receive shares resulting from the exercise of options to a third party. The sales amount will be finally determined on the basis of the price subsequently obtained by the third party when selling the shares in the market. Still said, primary insiders cannot be held liable for losses incurred by the third party if the shares are later sold below the strike price. Final compensation for the transferred rights will be reported to Oslo Børs when known.
Ken W. Feather has transferred the rights of 67,000 options.
Svein Knudsen has transferred the rights of 40,000 options.
Purchase of shares
On 16/06/2008, Ken W. Feather and Svein Knudsen entered into an agreement to use 100 % of the compensation mentioned in item 3 to purchase shares. When known, the final number of shares, along with the compensation, will be reported to Oslo Børs.
New holding
After exercising options, Ken W. Feather holds 80,000 unexercised options in the Company, corresponding to 80,000 shares at the strike price of NOK 10.95. As of today, the primary insider holds 50 212 shares in the company.
After exercising options, Svein Knudsen holds 160,000 unexercised options in the Company, corresponding to 120,000 shares at the strike price of NOK 26.00 and 40,000 shares at the strike price of NOK 10.95. As of today, the primary insider holds 74 227 shares in the company.
After exercising options, Svein Ellingsrud holds 40,000 unexercised options in the Company, corresponding to 40,000 shares at the strike price of NOK 26.00. As of today, the primary insider holds 910 214 shares in the company.
Contacts
Svein Knudsen, EMGS chief financial officer +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's 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.