Kitron ASA - Initiation of a share buyback
(2023-06-02) Kitron ASA inKitron ASA - Initiation of a share buybackitiates a share buyback Kitron ASA ("Kitron" or the "Company") has decided to initiate a buyback of up to 22 000 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 7 June 2023.
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 2023, and to and including April 2024, as resolved by the annual general meeting on 28 April 2023.
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 28 April 2023. According to the authorisation, up to 17 769 105 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 100 per share. The authorisation is valid until the annual general meeting in 2024, however no later than 30 June 2024.
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.: 284
E-mail:
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, India, China and the United States. Kitron has about 3 200 employees, and revenues were EUR 641 million in
2022.
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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.
