Initiation of Share Buyback Programme by Scatec ASA
Scatec ASA is embarking on an exciting financial initiative that involves a buyback of its own shares. This buyback plan is set to include up to 68,533 shares, with a total expenditure capped at NOK 9,600,000. The programme is designed to run from the current date until a specified end-date, showcasing Scatec's commitment to its employees.
Objectives Behind the Buyback Initiative
The primary goal of this buyback scheme is to accumulate shares that can later be offered to employees as part of the Employee Share Purchase Programme. This initiative aims to bolster employee engagement and ownership, aligning their interests with the company's long-term vision. This move was further highlighted in a previous stock exchange announcement.
Collaboration with Financial Institutions
Scatec ASA has partnered with DNB Bank ASA to manage the execution of this buyback programme. This collaboration ensures that the buybacks are conducted efficiently and in accordance with the authorisation granted by the Board of Directors during the recent Annual General Meeting.
Details of the Share Buyback Plan
As per the authorisation details, Scatec ASA possesses the ability to purchase up to 3.5 million shares, with a minimum price limitation of NOK 1 and a maximum price of NOK 1,000 per share. This authorisation is not just temporary; it will remain effective until the next Annual General Meeting in 2026 or until the ultimate completion date of 30 June 2026.
Market Conditions and Buyback Cease
The buyback transactions will take place on the Euronext Oslo Børs. It's important to note that these acquisitions will be influenced by prevailing market conditions, and the programme may be modified or halted at any point should circumstances dictate. Scatec reserves the right to discontinue the buyback before reaching the defined limits if necessary.
Current Shareholding Status
As of the date of this announcement, Scatec ASA does not currently hold any of its own shares. This clearing position allows for a fresh start for this buyback initiative, exemplifying the transparent operational practices that the company wishes to uphold.
Contact Information for Inquiries
For any further details regarding this share buyback programme, interested parties are invited to reach out to Andreas Austrell, Senior Vice President of Investor Relations. His contact details are available for anyone wishing to learn more about this initiative or any other Scatec-related updates.
It’s also worth noting that Scatec is a prominent player within the renewable energy sector. The company is recognized for its innovative solutions aimed at increasing access to sustainable and affordable clean energy in developing markets worldwide. With an impressive capacity of 6.2 GW currently in operation and in development across five continents, Scatec is on a mission to enhance its renewable energy footprint.
Frequently Asked Questions
What is the purpose of Scatec's buyback programme?
The buyback programme aims to acquire shares to be sold to employees as part of the Employee Share Purchase Programme, enhancing employee ownership.
How many shares will Scatec repurchase?
Scatec ASA will repurchase up to 68,533 shares under this buyback programme.
Who is managing the buyback operations?
DNB Bank ASA has been selected to oversee the execution of the buyback transactions.
When does the buyback programme end?
The programme is set to run until 30 June 2026 or until the maximum volume has been reached, whichever occurs first.
Does Scatec currently hold any of its own shares?
No, as of this announcement, Scatec ASA does not hold any of its shares.
