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Kitron ASA initiates a share buyback in connection with remuneration to the board members.
Kitron ASA has decided to initiate a share buyback program of up to 30,000 of its own shares for a total maximum amount of NOK 900,000. The buyback program may be carried out in the period from this announcement and until 16 May 2024.
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 2024 to and including April 2025, as resolved by the annual general meeting on 25 April 2024.
The Company has engaged Norne Securities AS to carry out the share buybacks. The share buybacks will be made in accordance with the authorisation granted to the board of directors by the Company's annual general meeting held on 25 April 2024. According to the authorisation, up to 19,821,713 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 2025, however no later than 30 June 2025.
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 program may be discontinued at any time and the Company may resolve to terminate the buyback program before the threshold set out above is reached.
