Norsk Hydro Launches Major Share Buyback Initiative
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Norsk Hydro Announces a Strategic Share Buyback Program
Norsk Hydro ASA, renowned for its commitment to shareholders and sustainability, has officially embarked on an initiative to refresh its share buyback program. This vital decision by the Board of Directors signifies a dedication to enhancing shareholder value through capital reduction strategies.
Details of the Share Buyback Program
The program is structured to encompass the repurchase of up to 100,000,000 shares at a cap of NOK 2,000 million. This significant investment reflects approximately 1.8% of the current market value of Norsk Hydro's share capital, underscoring the company's solid position in the market.
Execution Timeline
Scheduled to kick off on September 11, 2024, and intended to be concluded by February 28, 2025, the buyback program is set to reinforce Norsk Hydro's resilience in changing market dynamics. The authorization for this strategic move is planned to remain valid until June 30, 2025. Following the completion of the buyback, these shares are set to be canceled, leading to a decreased share capital, pending the approval from Norsk Hydro’s General Meeting.
Pricing Parameters
In this program, there are clear parameters set for share pricing. The minimum price point will reach NOK 20, while the maximum threshold is fixed at NOK 150 per share. This structure aligns with market evaluations and shareholder interests.
Ensuring State Shareholder Balance
An important aspect of this initiative is the agreement with the Norwegian State, ensuring that their ownership remains intact even as shares are bought back and canceled. This pro-rata redemption on shares owned by the State reflects a careful management of shareholder interests and government regulations.
Engagement of Citigroup Global Markets
To ensure the effective execution of the share buyback, Norsk Hydro has partnered with Citigroup Global Markets Europe AG. This established firm will independently handle trading decisions in the market, adhering to its own protocols and ensuring a clear separation from Norsk Hydro's direct influence.
Compliance and Regulations
This buyback program is being conducted in full compliance with the Market Abuse Regulation (EU) No 596/2014 and the Commission Delegated Regulation (EU) No 2016/1052. Such adherence not only assures transparency but also enhances investor confidence in Norsk Hydro’s operations and strategy.
Investor Relations Contact
If you have any questions regarding this initiative, investors are encouraged to reach out to Martine Rambøl Hagen, the Head of Investor Relations at Norsk Hydro, directly. She can be contacted at +47 91708918 or via email at Martine.Rambol.Hagen@hydro.com.
Frequently Asked Questions
What is the purpose of Norsk Hydro's share buyback program?
The share buyback program aims to return value to shareholders by reducing share capital while maintaining a strong market standing.
How many shares will be repurchased under this program?
Norsk Hydro plans to repurchase up to 100,000,000 shares as part of the initiative.
What are the pricing parameters for the buyback program?
The buyback will feature a minimum purchase price of NOK 20 per share and a maximum of NOK 150 per share.
Who is managing the share buyback program?
The program will be managed by Citigroup Global Markets Europe AG, ensuring independent trading decisions.
When will the buyback program commence and conclude?
The program is set to begin on September 11, 2024, and is scheduled to be completed by February 28, 2025.
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