Kitron ASA - Initiation of a share buyback
12 May 2022 - 03:00PM
Kitron ASA - Initiation of a share buyback
(2022-05-12) Kitron ASA initiates a share
buyback
Kitron ASA ("Kitron" or the "Company") has decided to initiate a
buyback of up to 55 000 of its own shares for a total maximum
amount of NOK 1 000 000. The buyback program may be carried out in
the period from this announcement and until 19 May 2022.
The share buyback program will be carried out in accordance with
the EC Commission Delegated Regulation (EU) No. 2016/1052 of 8
March 2016 regarding exemptions from market manipulation for share
programs. The purpose of the buyback program is to acquire shares
that can be used as part of the remuneration to the board members
for the period from and including May 2022, and to and including
April 2023, as resolved by the annual general meeting on 27 April
2022.
The Company has engaged Norne Securities AS to carry out the
buyback. The buybacks will be made in accordance with the
authorisation granted to the board of directors by the Company's
annual general meeting held on 27 April 2022. According to the
authorisation, up to 19,701,439 shares may be purchased at a
minimum of NOK 1 and a maximum of the prevailing market price per
share on the day the offer is made, provided, however, that the
maximum amount does not exceed NOK 25 per share. The authorisation
is valid until the annual general meeting in 2023, however no later
than 30 June 2023.
All acquisitions under the buyback program will be executed on
Euronext Oslo Børs. The execution of any repurchases will depend on
market conditions, the buyback programme may be discontinued at any
time and the Company may resolve to terminate the buyback programme
before the threshold set out above is reached.
Kitron does not hold any own shares in the Company as of the
date of this announcement.
For further information, please contact: Cathrin Nylander, CFO,
tel.: +47 900 43 284 E-mail: investorrelations@kitron.com
Kitron is a leading Scandinavian electronics manufacturing
services company for the Connectivity, Electrification, Industry,
Medical devices and Defence/Aerospace sectors. The group is located
in Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech
Republic, China and the United States. Included the acquisition of
BB Electronics in January 2022, Kitron has about 2 800 employees,
and pro forma revenues were about NOK 5 billion in 2021.
www.kitron.com
This information is made public by the Company pursuant to the
EU market abuse regulation article 5, as supplemented by Commission
Delegated Regulation (EU) 2016/1052, and is subject to the
disclosure requirements pursuant to Section 5-12 the Norwegian
Securities Trading Act.
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