Hungary: MOL-Terms and conditions of share option agreements announced, SEE Energy News
Terms and conditions of share option agreements concluded with ING Bank on 17 June, were announced by Hungarian oil and gas company MOL. Under the agreements, MOL gets American call options and ING gets European put options for 39,179,973 MOL shares, a stake of almost 4.8 %, on 25 June 2020.
The strike price of both the call and put options is 5.4801 euros per share, which is slightly lower than the price of MOL shares earlier this week.
MOL recorded a net loss in the amount of 138 million euros in the first quarter of 2020, compared to a profit of around 138 million euros in the same period last year, mostly due to increased foreign exchange and inventory losses. Significantly weaker forint gave it a big, albeit mostly unrealized, foreign exchange loss in the first quarter, while a negative current cost of supply modification, due to large inventory holding losses and end-of-period net realizable value adjustments, also weighed. The company recorded a 253.5 million euros financial loss in Q1 2020, a huge rise from 12 million euros financial loss in Q1 2019. Total revenues rose by 3.5 % to some 3.34 billion euros. Cost of raw materials and consumables climbed at a slower pace, increasing by 1.9 % to 2.54 billion euros.
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