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MOL to settle option agreement with ING Bank, signs for new one

Hungarian oil and gas company MOL has agreed with ING Bank that the option rights stemming from the share-option agreement concluded between them on January 4, 2011 regarding 5,220,000 A-series MOL ordinary shares will be cash settled with respect to all of the shares on December 5, 2011 at a strike price of €78.6028 per share, MOL announced on Wednesday.

At the same time, MOL and ING signed a share-option agreement on November 30, 2011. As a result of the transactions, MOL received an American call option and ING received an European put option regarding the 5,220,000 MOL A-series ordinary shares. The maturity of both options is one year. The strike price of both call and put option is €59.519 per one share.

As a result of the transactions the number of treasury shares has not changed. MOL owns 5,793,316 A-series and 578 C-series MOL Ordinary shares.