AKVA Group ASA's New Share Buyback Program
The board of directors of AKVA group ASA has made a significant decision to initiate a share buyback program, allowing for the purchase of up to 60,000 shares. This strategic move is in line with EU Market Abuse Regulation number 596/2014 and the provisions specified in the Safe Harbour Regulation.
Purpose of the Buyback Program
The shares acquired through this buyback initiative are intended for the Company’s share-based incentive scheme aimed at benefiting the senior management team. By implementing this program, AKVA group is setting a foundation to align the interests of management with those of shareholders.
Program Details and Terms
Implementation Timeline
The buyback program will officially start soon and is expected to end no later than 31 March of the following year. With a maximum limit of 60,000 shares allocated for repurchase, the total financial commitment to this program is capped at NOK 9,000,000, valuing each share at up to NOK 150.
Trading and Execution
Buyback transactions are to be conducted at prevailing market prices on the Oslo Stock Exchange (OSE), where no more than 1,559 shares can be repurchased in a single day. This limit corresponds to 25% of the average daily trading volume recorded in the previous month, ensuring that the program is carried out responsibly and without disrupting the market.
Management of the Buyback Program
The execution of this buyback program will be managed by SB1 Markets AS on behalf of AKVA group. This decision demonstrates a commitment to transparently and effectively manage the financial interests of both the Company and its shareholders.
Transparency and Updates
AKVA group is dedicated to keeping its stakeholders informed regarding this buyback program. Every seven trading days, disclosures will be made to the market to outline the progress and status of the transactions made under this initiative.
As it stands, the Company currently holds 212,029 treasury shares, which represent 0.6% of the total share capital. Notably, no additional shares have been procurred since the authorization for this buyback was approved earlier.
Key Contacts for More Information
If you have further questions about this initiative, you can reach out to the following contacts at AKVA group:
Knut Nesse
Chief Executive Officer
Phone: +47 51 77 85 00
Mobile: +47 91 37 62 20
Email: knesse@akvagroup.com
Ronny Meinkøhn
Chief Financial Officer
Phone: +47 51 77 85 00
Mobile: +47 98 20 67 76
Email: rmeinkohn@akvagroup.com
Frequently Asked Questions
What is the purpose of AKVA Group's share buyback program?
The share buyback program aims to enhance shareholder value by acquiring shares to support management's incentive plans.
How many shares will AKVA Group repurchase?
AKVA Group plans to repurchase up to 60,000 shares under this buyback program.
What is the maximum amount allocated for the buyback?
The total maximum amount allocated for the buyback is NOK 9,000,000.
Who is managing the buyback program?
The buyback program will be managed and executed by SB1 Markets AS on behalf of AKVA group.
How often will updates be provided about the buyback program?
AKVA Group will disclose transactions made under the program every seven trading days to keep stakeholders informed.
