Outokumpu completed its share buyback program and repurchased 11,000,000 of its own shares under the program
Outokumpu Oyj
Stock exchange release
March 1, 2024, at 9.45 am EET
Outokumpu completed its share buyback program and repurchased 11,000,000 of its own shares under the program
On February 29, 2024, Outokumpu completed its up to EUR 50 million share buyback program which was announced on November 29, 2023 and commenced on December 1, 2023. During the program, Outokumpu repurchased a total of 11,000,000 of its own shares (ISIN FI0009002422) and used a total of EUR 45,669,553.67 million for the share repurchases. The average price per share was approximately EUR 4.15.
After the completion of the share buyback program, Outokumpu holds a total of 33,188,820 treasury shares, representing 7.3 % of the company’s total number of shares. The share repurchases were funded by using funds from the unrestricted equity. The share repurchases were executed through public trading on the regulated market of Nasdaq Helsinki and selected multilateral trading facilities.
On November 29, 2023, Outokumpu announced that its Board of Directors had approved a share buyback program of up to EUR 50 million under the authorization of the Annual General Meeting 2023 to repurchase a maximum of 45,000,000 of Outokumpu’s own shares, representing approximately 9.8% of Outokumpu’s total number of shares. The maximum number of shares to be repurchased under the program was 11,000,000, representing approximately 2.4% of the company’s total number of shares. The program commenced on December 1, 2023, and was set to end no later than on March 21, 2024.
Through the share buyback program, Outokumpu seeks to mitigate and manage the dilutive impact of the company’s outstanding convertible bonds. The repurchased shares are initially held by Outokumpu as treasury shares and may be used to meet its obligations under the convertible bonds. Alternatively, Outokumpu may decide to cancel any or all of the repurchased shares and reduce its capital accordingly.
Prior to the announcement of the share buyback program, Outokumpu held 23,041,290 treasury shares, representing approximately 5.0% of the company’s total number of shares.
For more information:
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 400 719 669
Media: Päivi Allenius, SVP – Communications and Brand, tel. +358 40 753 7374
Media desk, tel. +358 40 351 9840, e-mail media(at)outokumpu.com
Outokumpu is the global leader in stainless steel. The foundation of our business is our ability to tailor stainless steel into any form and for almost any purpose. Stainless steel is sustainable, durable and designed to last forever. Our customers use it to create civilization’s basic structures and its most famous landmarks as well as products for households and various industries. Outokumpu employs approximately 8,500 professionals in close to 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com