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NORECO (OSL:NOR) Stavanger, 4 November 2008: Norwegian Energy Company ASA (Noreco - OSE:NOR),
Pursuant to the incentive scheme for the employees in Noreco, approved at the extraordinary general meeting held 14 January 2008, the annual bonus for 2008 has been paid out to the employees. According to the incentive scheme, the employees may purchase Noreco shares representing up to 50% of their bonus, at market price.
As a result of this, the board of directors of Noreco has approved a capital increase of NOK 7 903 089,60 by issuing 470 422 shares. The shares will be issued following registration of the share capital increase in the Register of Business Enterprises.
The following primary insiders in Noreco have subscribed for shares under the incentive scheme for employees:
- Scott Kerr has 3 November 2008 subscribed for 22 706 shares in Noreco at NOK 16,80 per share. Balance after transaction: 1 645 084,00 shares.
- Jan Nagell has 3 November 2008 subscribed for 16 170 shares in Noreco at NOK 16,80 per share. Balance after transaction: 34 433,00 shares
- Stig Frøysland has 3 November 2008 subscribed for 15 100 shares in Noreco at NOK 16,80 per share. Balance after transaction: 34 474,00 shares.
- Birte N Borrevik has 3 November 2008 subscribed for 14 024 shares in Noreco at NOK 16,80 per share. Balance after transaction: 120 334,00 shares.
- Einar Gjelsvik has 3 November 2008 subscribed for 11 858 shares in Noreco at NOK 16,80 per share. Balance after transaction: 77 320 shares.
Synnøve Røysland has 3 November 2008 subscribed for 15 948 shares in Noreco at NOK 16,80 per share. Balance after transaction: 15 948 shares.
Malin E Flor Helgesen has 3 November 2008 subscribed for 7 590 shares in Noreco at NOK 16,80 per share. Balance after transaction: 44 099 shares.
For further information, please contact: Scott Kerr, CEO (+47 992 83 890) Einar Gjelsvik, Vice President Investor Relations (+47 992 83 856)
This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
