Höegh LNG Holdings Ltd. ("Höegh LNG", ticker "HLNG") advises of the following trading in the common units of its subsidiary, Höegh LNG Partners LP ("HMLP"), listed on New York Stock Exchange under ticker "HMLP", related to management of Höegh LNG:
HMLP Directors' remuneration to President & CEO and CFO of Höegh LNG
The Board of Directors of the Company has approved the issuance of 2,130 common units in HMLP to each of Sveinung J. S. Støhle, President & CEO of Höegh LNG and Steffen Føreid, CFO of Höegh LNG, both primary insiders of the Company, as part remuneration for services rendered by them as chairman and director, respectively, of HMLP. The Company is reimbursed the cost through a service agreement with the MLP.
The number of common units constitutes a remuneration of USD 37,500 to each, based on the average unit price five days preceding 27 May 2016. In addition, each of the directors will also receive USD 37,500 in cash.
Phantom Unit Award to management of Höegh LNG
Reference is made to the Form S-8 "Securities Registration: Employee Benefit Plan" ("Form S-8") filed by Höegh LNG Partners LP ("HMLP") on 3 June 2016 with the U.S. Securities and Exchange Commission.
In order to align the interest of the management of Höegh LNG and HMLP, the Board of Directors of Höegh LNG has decided to award a right to receive common units in HMLP (phantom units) to senior management and key employees who are directly involved in providing services to HMLP (the "Employee Benefit Plan"), where a number of the phantom units awarded are to be exchanged against options granted in Round 3 of the Company's Stock Exchange Program. Following the exchange of options for phantom units, the total number of options outstanding under the Stock Exchange Program in Höegh LNG falls to 2,739,233 as per 6 June 2016.
The Board of Directors of the Company has approved the total award of 53,568 phantom units in HMLP (the "Phantom Units"). A phantom unit is a notional unit that, upon vesting, entitles the participant to receive, at the time of settlement, a common unit in HMLP or an amount of cash equal to the fair market value of a common unit, as determined by the Board in its sole discretion. The Company will use common units in Höegh LNG's inventory or by open market buy-backs when settling with the participant.
The Phantom Units will vest with one third on 31 December 2017, 2018 and 2019, respectively. The Phantom Units are non-tradable and conditional upon the participant being employed by the Company or its subsidiaries at the vesting date. Additional phantom units may be awarded as new participants may be included in the Employee Benefit Plan.
Disclosure of number of Phantom Units and total ownership interests in Höegh LNG following above transactions
The following primary insiders of the Company were awarded Phantom Units in the Employee Benefit Plan (the total ownership interests subject to disclosure requirements held by the primary insiders following the above transactions are included in parenthesis):
In addition, Sveinung J. S. Støhle, Steffen Føreid, Ragnar Wisløff and Vegard Hellekleiv have ownership interests in Höegh LNG through Methane Ventures Limited.
About Höegh LNG:
Höegh LNG provides floating energy solutions and operates world-wide with a leading position as owner and operator of floating LNG import terminals; floating storage and regasification units (FSRUs), and is one of the most experienced operators of LNG Carriers (LNGCs). Höegh LNG's vision is to be the industry leader of floating LNG solutions and the strategy is to continue to focus growth plans on the FSRU market, with the objective of securing long-term contracts with strong counterparts at attractive returns. Höegh LNG is a Bermuda based company with established presence in Oslo, Singapore, London, Miami, Jakarta, Klaipeda and Cairo. The company employs approximately 110 office staff and 500 seafarers
Sveinung J. S. Støhle, President and Chief Executive Officer, Telephone +47 975 57 402
Steffen Føreid, Chief Financial Officer, Telephone + 47 975 57 406
Birgitte Hjertum, VP Strategy, Communication and Investor Relations, Telephone +47 975 57 432
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act or the Continuing Obligations of Oslo Børs