Össur hf: Össur initiates a new share buyback program
Announcement no. 13/2020
17 February 2020
Össur hf. has decided to initiate a new share buyback program (the “Program”) tomorrow, 18 February 2020, which will replace the share buyback program that was completed today, 17 February 2020. The Program will be carried out in accordance with Regulation No. 596/2014 of the European Parliament and of the Council on market abuse ("MAR"), and the Commission’s delegated regulation 2016/1052. The purpose of the Program is to reduce the Company’s share capital and adjust the capital structure by distributing capital to shareholders in line with the Company’s Capital Structure and Dividend Policy. The Company may purchase up to 2,500,000 shares under the Program, corresponding to 0.59% of the current share capital. The total consideration for shares purchased under the Program shall not exceed USD 5 million. The daily purchase shall not exceed 25% of the average volume in the 20 trading days before the purchase on the regulated market where the transaction is carried out. The purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher, on the regulated market where the transaction is carried out. The Program will be managed by Nordea, which shall make its trading decisions independently and without influence by the Company with regards to the timing of the purchases. The Company’s purchases under the Program shall be disclosed in accordance with laws and regulations. The Program will end no later than 31 May 2020, but the Company is entitled to discontinue the Program at any time.
The Company also reserves the right to buy back shares in block trades outside the Program with the aim to maintain net interest-bearing debt at 1.5x - 2.5x to EBITDA. Such transactions will only be made outside “black-out periods”, i.e. not within 30 days prior to publication of the Company’s quarterly financial results, and when no insider information is available. Such transactions will be announced immediately after they have been carried out.
According to an authorization granted by the Annual General Meeting in March 2015, the Company can purchase own shares of up to 10% of the Company’s share capital as it stands each time. The authorization states that the purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher, on the regulated market where the transaction is carried out. The authorization is valid until 12 March 2020.
Further information
David Hreidarsson, Investor Relations, dohreidarsson@ossur.com, +354 515 1380
Helga Danielsdottir, Investor Relations, hdanielsdottir@ossur.com, +354 766 4959
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About Össur
Össur (Nasdaq Copenhagen: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. A recognized “Technology Pioneer,” Össur focuses on improving people’s mobility through the delivery of innovative technologies in Prosthetics and Bracing & Supports, by investing significantly in research and product development to create award-winning designs with consistently strong market positions. Successful patient and clinical outcomes are further empowered via Össur’s educational programs and business solutions. As part of Össur’s long-standing commitment to social responsibility, the company has been a signatory to the United Nations Global Compact since 2011, and also participates in the Nasdaq Nordic and Baltic exchanges’ voluntary guidelines for Environment, Social and Corporate Governance (ESG). Össur is headquartered in Iceland, with major operations in the Americas, Europe and Asia, and additional distributors worldwide. www.ossur.com