SHARE CAPITAL INCREASE IN CONNECTION WITH REMUNERATION TO THE BOARD OF DIRECTORSFebruary 24, 2010
Share capital increase in connection with remuneration to the Board of Directors
In accordance with the resolution by the shareholders at the annual shareholders
meeting of FLEX LNG Ltd (“Flex LNG” or the “Company”) (ISIN: VGG359451074, ticker
FLNG) held on 19 August 2009, the Board of Directors of FLEX LNG has today resolved
to issue 88,107 new shares to the members of the Board of Directors, as part of
their remuneration for the second half of 2009.
In addition, 76,615 new shares will be issued to the members of the Board of
Directors as part of their remuneration for the first half of 2009, in accordance
with a resolution of the Board of Directors made on 1 October 2009. The total
number of shares to be issued is therefore 164,722. The shares will be issued
and registered on or about 26 February 2010.
The shares resolved to be issued to the members of the Board of Directors constitute
total remuneration of USD 190,000, based on a price per share of NOK 7.54 for
the first half of 2009 and NOK 6.14 for the second half of 2009. The price per
share is calculated on the basis of the volume weighted average trading price
of the Company’s shares over a period of ten consecutive trading days ending on
the day of the settlement, being 19 August 2009 and 5 January 2010.
After the issue of shares in accordance with the resolutions described above,
the share capital of FLEX LNG will be USD 1,129,109.12, divided into 112,910,912
shares, each with a par value of USD 0.01.
About FLEX LNG Ltd.
FLEX LNG was incorporated in 2006 with the objective of commercialising the world's
first floating liquefaction units (LNG Producers). The Company has signed four
ship building contracts for LNG Producer hulls utilising the SPB LNG containment
system with Samsung Heavy Industries (SHI), in addition to signing a contract
with SHI for the Topside Engineering, Procurement, Construction, Integration and
Commissioning (EPCIC) of the first floating liquefaction unit with identical options
for the three remaining hulls. FLEX LNG is targeting delivery of the first LNG
Producer during the second half of 2013.
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