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MOL announces terms for share option agreement with UniCredit

Hungarian oil and gas company MOL announced late Tuesday the terms and conditions of an option agreement with UniCredit Bank for a little more than 5% of its shares, concluded almost a year ago.

MOL will settle the option agreement physically for 1,721,416 shares, and in cash for 3,659,080 shares on January 12, 2017.

MOL noted a week earlier that the strike price for the option is EUR 42.2198. At current exchange rates, the price comes to about HUF 13,032. MOL shares closed at HUF 20,970 on Tuesday.

MOL also announced the conditions for a new share option agreement with UniCredit reached a week earlier. Under the agreement, MOL will acquire American call options and UniCredit will acquire European put options for 3,659,080 shares maturing on November 14, 2017.

The strike price for both options is EUR 68.32318, or about HUF 21,090.

As a result of the transactions, MOL will directly and indirectly own 9,635,575 "A" series and 578 "C" series treasury shares.