Össur hf: Össur Initiates a New Share Buyback Program
Announcement no. 57/2022
7 October 2022
Össur hf. has decided to initiate a new share buyback program (the “Program”) on Monday, 10 October 2022, which will replace the share buyback program that was completed yesterday, 6 October 2022. 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 Capital Allocation Policy. The Company may purchase up to 2,000,000 shares under the Program, corresponding to 0.47% of the current share capital. The total consideration for shares purchased under the Program shall not exceed USD 10 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 30 September 2023, but the Company is entitled to discontinue the Program at any time. The Program has been initiated according to an authorization granted by the Annual General Meeting on 8 March 2022 to initiate share buyback programs.
The Company also reserves the right to buy back shares in block trades outside the Program with the aim of maintaining a healthy balance sheet with a target range of 2.0 - 3.0x NIBD/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 on 8 March 2022, the Company can purchase own shares of up to 10% of the Company’s share capital as it is 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 8 September 2024.
Further information
Edda Lára Lúðvígsdóttir, Investor Relations Director, eludvigsdottir@ossur.com, +354 844 4759
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About Össur
Össur (Nasdaq Copenhagen: OSSR) is a global leader in non-invasive orthopaedics that helps people live a Life Without Limitations. A recognized “Technology Pioneer” with a rich 50-year history, Össur focuses on improving people’s mobility through the delivery of innovative technologies in Prosthetics and Bracing & Supports. Significant investment in research and development have led to over 2,000 patents, award-winning designs, successful clinical outcomes, and consistently strong market positions. Össur is signatory to the UN Global Compact, UN Women’s Empowerment Principles, contributes to the UN Sustainable Development Goals and became Carbon Neutral in 2021. Össur operates globally and employs around 4,000 employees. www.ossur.com