Aker Carbon Capture ASA: Initiation of share buyback program
Aker Carbon Capture ASA (the “Company”) has decided to initiate a buyback of up to 500.000 of its own shares for a total amount up to NOK 4 million. The buyback program may be carried out in the period from this announcement and until 8 May 2023. The purpose of the program is to fulfil the Company’s obligations under its employee share purchase program for 2023.
The 2023 share purchase program allows the participants to acquire shares in the Company for a value of up to 25% of their gross annual salary. A price reduction of 25% of the share price will apply in exchange for the purchased shares being subject to a three-year lock-up period.
The subscription period for the 2023 share purchase program took place on 26 April to 28 April 2023, following which the Company has received subscriptions for a gross amount of NOK 3.906.000, including subscriptions from the following primary insiders of the Company:
- Valborg Lundegaard, Chief Executive Officer
- Egil Fagerland, Chief Financial Officer
- Jon Christopher Knudsen, Chief Commercial Officer
- Erik Langholm, Chief Project Officer
- Jim Stian Olsen, Chief Technology Officer
- Tove Ormevik, Chief Operation & Aftermarket Officer
- David Phillips, Head of UK & Investor Relations
- Nina Westgaard, People & Organization Director
- Pernille Brente, General Counsel
The subscription price per share in the 2023 share purchase program will be based on the average volume-weighted price of the Company’s shares on Oslo Børs over the trading days needed to buyback the number of subscribed shares. The final number of shares will be allocated to participants in the 2023 share purchase program after completion of the buyback of shares, and the allocated shares are expected to be delivered to participants on or about 23 May 2023, subject to timely payment, expected to be on 9 May 2023.
The Company has engaged DNB Markets to carry out the share buybacks in the market. DNB Markets will make its trading decisions independently of, and uninfluenced by, the Company. The buyback program will be made in accordance with the authorization granted to the Board of Directors by the Company’s Annual General Meeting held on 18 April 2023.
Transactions will be conducted in accordance with the EU Market Abuse Regulation (Market Abuse Regulation (EU) No 596/2014) and the Safe Harbour Regulation (Commission Delegated Regulation (EU) No 2016/1052).
This information is subject of the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.
ENDS
