MOL replaces share-option agreements with UniCredit with new ones
Hungarian oil and gas company MOL said on Wednesday its share-option agreements with Unicredit Bank AG are expected to be settled in cash with regard to all the 4,080,496 MOL Series-A Ordinary shares involved in the options on February 13. The two signed a sales agreement on additional shares as well as a new options agreement today.
MOL held American call options and Unicredit European put options on the shares. The strike price of both the call and put options was €61.2656 per share, information from December 2013 shows.
The agreements were the result of a one-year extension – taking effect on February 10, 2014 – of earlier share-option agreements for the same number of MOL shares between MOL and Unicredit.
MOL announced today that they had signed a sales agreement with Unicredit for a maximum of 1,300,000 additional shares.
At the same time MOL and Unicredit entered into option agreements under which MOL would hold American call options and UniCredit would hold European put options to a maximum of 4,080,496 plus the additional MOL shares.
The expiration of both the call and put options is one year from February 13, 2015, and can be extended yearly for a total of three years.
The exact number of the additional shares and the srike price will be decided on February 10.
MOL said that the transactions are likely to affect the number of its treasury shares.
At present MOL directly and indirectly owns 2,842,147 A-Series and 578 C-Series Ordinary shares.
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