Norwegian Energy Company ASA – Buyback of own shares
NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES.
Oslo, 27 February 2020: Reference is made to the stock exchange release of 20 January 2020 in which Norwegian Energy Company ASA (“Noreco” or the “Company”) initiated a share buyback of up to 360,000 own shares and the subsequent resolution to buy back 299,925 own shares. Subsequent to this, Noreco has decided to initiate a new share buyback programme of up to 160,000 shares in connection with its option program as well as for other corporate purposes.
The share buyback programme is based on an authorization given by Noreco's annual general meeting on 28 June 2018, which is valid until 28 June 2020. In accordance with the authorization, the shares shall be purchased at a minimum price of NOK 5 and a maximum price of NOK 400 per share.
The maximum number of shares that may be acquired during any trading day is 25% of the average daily volume in Noreco's shares on the Oslo Stock Exchange during January 2020.
Noreco has engaged Arctic Securities AS to carry out the share buybacks on the Company's behalf.
The execution of any repurchases will depend on market conditions, the Company may decide to repurchase fewer shares than set out above, choose to repurchase no shares at all or terminate the buyback programme before the threshold set out above is reached, at its sole discretion. The buyback programme is expected to end by the end of April 2020.
Noreco holds 299,925 own shares as of today.
Contacts:
Euan Shirlaw, Chief Financial Officer
Phone: +44 7979 690622
Email: es@noreco.com
Frederik Rustad, EVP Corporate Finance & Investments
Phone: +47 922 94 999
Email: fr@noreco.com
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
The buyback and the distribution of this announcement and other information in connection therewith may be restricted by law in certain jurisdictions, and the buyback is not made in any jurisdiction in which this would be unlawful, require registration or other measures. The Company does not assume any responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions.
The buyback is not being made directly or indirectly in, or by use of the mails of, or by any means or instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States of America, its territories and possessions, any State of the United States and the District of Columbia (the "United States") or any other jurisdiction in which this would be unlawful. This includes, but is not limited to, facsimile transmission, internet delivery, e-mail, telex and telephones. Accordingly, copies of this release and any related documents are not being, and must not be, mailed, e-mailed or otherwise distributed or sent in or into the United States and so doing may invalidate any purported sales offer.
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About Norwegian Energy Company ASA
Noreco is a publicly owned company with focus on the oil, gas and offshore industry. The company's shares are listed on the Oslo Stock Exchange (ticker NOR). For further information, please visit: www.noreco.com.