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MOL replaces UniCredit share-option agreements with new deal

Hungarian oil and gas company MOL said that the option rights regarding 5,380,496 MOL Series “A” ordinary shares under the share option agreements signed between UniCredit and MOL on January 27, 2015, are to be settled in cash on February 12 with respect to all the shares under an agreement signed on January 19, Hungarian news agency MTI reported today. The strike price of the options is $41.43762.

Simultaneously, MOL and UniCredit concluded a new share option agreement regarding up to 5,380,496 shares. As a result of the new share option agreement, MOL will acquire American call options and UniCredit will acquire European put options on February 12, 2016.

The maturity of both the new call and put options is 11 months, with the possibility of yearly extensions, up to a maximum of two extensions of one year each.

The number of options, if any, to be physically settled based on the January 27, 2015 agreements, and the final number of shares which are subject to the new call and put options, as well as their strike price, will be defined based on data available as of February 10, 2016, MOL said, adding that it will publish information on those figures and prices.

At present MOL directly and indirectly owns 1,530,080 “A” Series and 578 “C” Series MOL ordinary shares.