OSLO, Norway (6 October 2021) - Reference is made to the stock exchange announcement on 3 August 2021 published by TGS regarding vesting of Performance Stock Units (PSUs) and Restricted Stock Units (RSUs).
As a consequence of the vesting as announced on 3 August 2021, TGS has now issued 187,819 shares.
The vesting of PSUs and RSUs granted by TGS in 2018 in accordance with the terms of the 2018 Long Term Incentive Plan resulted in the right for a total of 58 participants to request the issuance of an aggregate of up to 247,000 shares of TGS common stock pursuant to free-standing warrants subscribed by the participant at the time of grant. Participants had the right to request TGS to settle a portion of the vested units in cash to allow satisfaction of employees' tax withholding obligations arising as a result of the vest.
Following the vest of the PSUs and RSUs, an aggregate of 187,819 new shares of TGS common stock have been issued to the 58 employees on 6(th) October 2021, which amount is net of any units that were settled in cash. The following reflects the shares issued to the primary insiders:
- Kristian Kuvaas Johansen - 30,865 shares
- Sven Børre Larsen - 12,596 shares
- William J.C. Ashby - 15,000 shares
- Tana LaDon Pool - 11,347 shares
- Tanya Herwanger - 5,881 shares
- David Hajovsky - 3,194 shares
- Whitney Eaton - 703 shares
- Amund Søia - 656 shares
Attached is the list of primary insiders, reflecting the balance of TGS shares and free-standing warrants held after the issuance of shares described above.
The share capital of TGS is thereafter NOK 29 360 279,25 consisting of 117 441 117 shares, each with a nominal value of NOK 0.25. TGS holds 1 076 095 of its share capital as treasury shares. The new share capital will be registered in the VPS as soon as practically possible.
TGS provides scientific data and intelligence to companies active in the energy sector. In addition to a global, extensive and diverse energy data library, TGS offers specialized services such as advanced processing and analytics alongside cloud-based data applications and solutions.
Forward Looking Statement
All statements in this press release other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include TGS' reliance on a cyclical industry and principal customers, TGS' ability to continue to expand markets for licensing of data, and TGS' ability to acquire and process data product at costs commensurate with profitability, as well as volatile market conditions, which have been exacerbated by the COVID-19 pandemic and the severe drop in oil prices. Actual results may differ materially from those expected or projected in the forward-looking statements. TGS undertakes no responsibility or obligation to update or alter forward-looking statements for any reason.
For more information, contact:
Sven Børre Larsen
Chief Financial Officer