Siem Industries has put in place an over-the-counter option structure that could see its stake in Subsea 7 grow by up to 19% by the end of May 2021
On 16 August, Siem Industries announced it had entered into an over-the-counter option structure with 10 legs, with the underlying shares being Subsea 7 shares.
One leg represents a bought put option for 1.14M shares, two legs represent bought calls for an aggregate of 698,000 shares, and seven of the legs represent sold puts for an aggeregate 1.996M shares.
If all options are exercised, Siem Industries’ stake in Subsea 7 will increase to 85.4M shares, or 28.5%. The expiry dates for the options started on 16 August this year and extend to 23 May 2021, and have strike prices between Nkr76 (US$8.45) and Nkr94 (US$10.45) per share.
Kristian Siem holds positions as chairman on the boards of directors of both Subsea 7 and Siem Industries and resumed his position as chair of Siem Offshore’s board at the end of July. Mr Siem is deputy chief executive of Siem Industries Group and is also director of several subsidiaries.
Eystein Eriksrud, who Mr Siem replaced on Siem Offshore’s board in July, is a non-executive director of Subsea 7.
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