Kitron ASA Commences Share Buyback Program
In a recent announcement, Kitron ASA has decided to initiate an important share buyback program to enhance shareholder value while also providing remuneration to its board members. This strategic move involves the buyback of up to 16,000 shares, with a total maximum budget of NOK 900,000.
Details of the Buyback Plan
The share buyback program is set to take place from the date of announcement through until 12 September 2025. This initiative is compliant with the EU regulations surrounding market manipulation exemptions, ensuring a transparent and regulated approach to the share acquisition process.
Purpose of the Buyback
The primary purpose of this program is to secure shares for remuneration purposes for the company's board members for the upcoming period from May 2025 through April 2026. This resolution was agreed upon during the annual general meeting, held on April 24, 2025.
Execution and Oversight
Kitron has appointed Norne Securities AS to manage the buyback transactions, ensuring they align with the regulations set forth by the board's authorization, which permits the purchase of up to 19,891,716 shares. The buying strategy will be focused on the prevailing market price with a minimum purchase price of NOK 1 and a maximum limit of NOK 100 per share.
Market Considerations
The execution of share repurchases will take place on the Euronext Oslo Børs, reflecting a calculated decision that accounts for current market conditions. It's also important to note that, while the buyback provides clear potential benefits, the company retains the right to halt or terminate the program if necessary based on market circumstances.
Current Shareholding Status
As of the announcement, Kitron does not possess any own shares. This underlines the fresh approach to increasing stockholder engagement and value through this buyback strategy.
Company Overview
Kitron is recognized as a frontrunner in the Scandinavian electronics manufacturing services sector, catering to diverse industries such as Connectivity, Electrification, and Medical Devices. With operations across multiple countries including Norway, Sweden, and Germany, Kitron employs around 2,400 dedicated professionals, generating impressive revenues of EUR 647 million for the prior year.
Contact Information
For those seeking additional insights or inquiries about the program, please reach out to Cathrin Nylander, CFO at Kitron ASA, by phone at +47 900 43 284 or via email at investorrelations@kitron.com.
Frequently Asked Questions
What is the purpose of Kitron ASA's share buyback program?
The share buyback program aims to acquire shares to be used for the remuneration of board members.
How many shares will Kitron buy back?
Kitron ASA plans to buy back up to 16,000 shares.
Which company is managing the share buybacks?
Norne Securities AS has been engaged for managing the buyback program.
When will the share buyback program occur?
The program is set to run from now until 12 September 2025.
What regulatory requirements is Kitron ASA adhering to?
The buyback will follow the regulations set by the EC Commission Delegated Regulation (EU) No. 2016/1052.
