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: [email protected]
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.
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.
