SpareBank 1 SMN : SpareBank 1 SMN: Continued savings programme for employees

12/19/2017, 4:26 PM (Source: GlobeNewswire)

The Board of Directors of SpareBank 1 SMN has decided to continue the savings scheme for employees in 2018, who are invited to buy equity certificates issued by the bank.

All employees of the bank and its subsidiaries are invited to participate in the savings programme. The object of the programme is to motivate employees to become co-owners of the bank and the same time to increase interest in the bank's strategy and results.

Employees commit themselves to a fixed savings amount for 2018 by enrolling in the savings scheme in December 2017. For 2017 the bank offers a scheme enabling employees to save either kr. 6,000, kr. 12,000 or kr. 24,000 per year through a monthly salary deduction from January to December 2018. The savings amount will be used to buy equity certificates in SpareBank 1 SMN on behalf of the participating employees. The amounts are fixed for the year and cannot be changed during the period of the programme.

The bank will aim to acquire the equity certificates in the day(s) following the publication of 1st, 2nd and 3rd quarter results, and mid-December. SpareBank 1 Markets will acquire the equity certificates on behalf of the bank. The equity certificates will be distributed to the employees as soon as possible after the acquisition at the same price the bank paid in the open market without any form of discount. Purchase price and number of equity certificates purchased by the bank will be published in accordance with the current rules for trading in own shares.

After 2 years of consecutive ownership of the equity certificates purchased in the savings programme for 2018, all employees will receive one free equity certificate for every two purchased under the programme.

The table below lists all primary insiders of SpareBank 1 SMN participating in the savings programme for 2018. The amounts listed are total amounts for 2018. Purchase price and number of equity certificates purchased by each primary insider will be published after the completion of each transaction.

Name                                                  Savings amount (NOK)

Berit Rustad 24,000
Cathrine Aunvik 24,000
Endre Jo Reite 24,000
Erik Gunnes 24,000
Hans Tronstad 24,000
Katharina Erlandsen 24,000
Kjersti Hønstad 24,000
Ola Neråsen 24,000
Rolf Jarle Brøske 24,000
Svein Tore Samdal 24,000
Tove Westrum Sørensen 12,000
Venche Johnsen 24,000
   

Trondheim, 19 December 2017

Contact person in SpareBank 1 SMN:

CFO, Kjell Fordal, tel, +47 905 41 672

 

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)




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: SpareBank 1 SMN via Globenewswire

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