Ship Finance Int'l (SFL) Announces Adjustment to Share Option Awards, Correction Related to Q1 Dividend Election
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Ship Finance International Limited (NYSE: SFL) today announced that there will be an adjustment to the share option awards to the Company's management team.
A total of 505,000 new options will be awarded to employees while all of the 355,000 previously awarded options to employees will be cancelled. The new options will be issued pursuant to the Company's Share Option Scheme and will have a five-year term with a three-year vesting period. The initial strike price will be equal to the weighted average share price for the three trading days following the date of this announcement, and the first options will be exercisable in July 2010.
The Company also refers to its press release dated July 3, 2009, regarding elections concerning the first quarter 2009 stock dividend. Due to a reporting error in the number of shareholders who elected to receive the stock dividend, this figure is higher than previously communicated. Fifty-two percent (52%) of our shareholders elected to receive shares in lieu of a cash dividend, and the correct number of new shares issued is approximately 1.0 million. Accordingly, the cash dividend paid was then reduced to approximately $10.7 million.
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