Atea announces share buyback program
(NORWAY) Atea ASA announced today that it will activate a share buyback program.
The share buyback program is being carried out in accordance with the authorization to the Board of Directors as resolved at the Annual General Meeting on April 23, 2015.
In accordance with the EU Commission Regulation "safe harbor" guidelines for share buyback programs, the following information is provided on the program:
- The objective of the share buyback program is to reduce the dilution of the Atea share from the exercise of employee share options during 2015
- The maximum number of shares to be acquired is 1,000,000 shares
- The maximum consideration to be used during the share buyback is MNOK 100. Most or all of this consideration will come from the exercise of share options. The company will maintain its policy of allocating over 70% of the company's free cash flow (Cash Flow from operations, less capital expenditures) to dividends.
- The duration of the share buyback program is until the 2016 annual general meeting
For further information, please contact:
Steinar Sønsteby, CEO Atea ASA, mobile +47 930 55 655
Robert Giori, CFO Atea ASA, mobile +47 934 09 188
Atea is the leading supplier of IT infrastructure and system integration in the Nordic and Baltic regions with 6,500 employees. Atea is present in 90 cities in Norway, Sweden, Denmark, Finland, Lithuania, Latvia and Estonia. Atea delivers IT products from leading vendors and assists its customers with specialist competencies within IT infrastructure services. Atea had revenue of approximately NOK 25 billion in 2014 and is listed on Oslo Stock Exchange.