Extension of Stock Repurchase Program
Oslo, Norway, October 17, 2008. Opera Software ASA announced today that its Board of Directors has decided to extend the amount of shares that can be purchased under the share buy-back program announced on March 3, 2008 and September 1, 2008 from 3,000,000 to 6,000,000 shares. As of October 17, 2008, Opera had approximately 119.5 million shares outstanding. The buy-back program is initiated in order to minimize dilution for existing shareholders resulting from the exercise of employee and Board stock options.
This is in accordance with the authorization to the Board of Directors to acquire the Companys own shares, as resolved at the General Assembly meeting held on 20 June 2008. These shares will be used in relation to the Company's share option program for employees and Board members. Under the share option scheme, when options are exercised, settlement can take the form either of issuing new shares or of delivering shares from the Company's holding of its own shares. Under the authorization, the highest share price to be paid for the acquisition of Opera's own shares is NOK 50.
Opera Software currently owns 2,089,900 own shares and have bought back a total of 2,938,900 shares under the buy-back program.