Borregaard ASA Announces Share Repurchase Initiative
Borregaard ASA, known by the ticker OSE: BRG, is set to execute a strategic share repurchase program aiming to enhance shareholder value. This initiative involves the buyback of up to 200,000 shares of the company’s outstanding common stock.
Purpose of the Share Repurchase Program
The primary goal of this repurchase program is to utilize the acquired shares for employee incentive programs. This approach not only reinforces Borregaard's commitment to its workforce but also aims to strengthen the overall value proposition for its shareholders.
Details of the Repurchase Plan
The company's Board of Directors has been empowered by shareholders during the Ordinary General Meeting held recently to initiate this repurchase plan. This authorization allows for the repurchase of up to ten percent of the total outstanding shares of Borregaard's stock, with a defined purchase limit of NOK 400.00 per share.
Timeline for the Repurchase
The share repurchase program is scheduled to commence on November 18 and will extend until December 20. The timeline reflects an organized approach that involves strategic planning and market compliance to ensure effective execution.
Daily Purchase Volume Constraints
To ensure market stability, the maximum daily volume of shares that can be repurchased is set at 15,628 shares. This figure corresponds to 25% of the average daily turnover recorded in the previous month, October 2024, an approach aimed at preventing market disruption.
Execution of the Program
Borregaard has engaged SpareBank 1 Markets AS to manage the repurchase program following the regulations set forth by Oslo Børs. This partnership is crucial for adhering to market guidelines and ensuring transparent operations within the stock exchange.
Investor Relations Contact
For more detailed inquiries regarding this initiative and for investor relations, Lotte Kvinlaug, Investor Relations Officer, is available at +47 922 86 909, providing a direct line of communication for interested parties.
Compliance and Disclosure
This initiative is in accordance with the disclosure requirements mandated by Regulation (EU) nr. 596/2014 on market abuse and follows the stipulations set by the Norwegian Securities Trading Act. Borregaard is committed to maintaining transparency and compliance as it undertakes this strategic financial maneuver.
Frequently Asked Questions
What is the purpose of the Borregaard ASA share repurchase program?
The repurchase program aims to buy back shares to use in employee incentive programs and enhance shareholder value.
How many shares is Borregaard ASA planning to repurchase?
Borregaard ASA intends to repurchase up to 200,000 shares of its outstanding common stock.
What is the maximum price per share for the repurchase?
The maximum price to be paid for each share is NOK 400.00.
When will the repurchase program begin and end?
The program will start on November 18 and conclude on December 20.
Who is managing the share repurchase program?
SpareBank 1 Markets AS has been appointed to oversee the repurchase program.
