Outokumpu completed its share buyback program and repurchased 19,836,205 of its own shares under the program
Outokumpu Oyj
Stock exchange release
March 27, 2023 at 9.30 am EEST
Outokumpu completed its share buyback program and repurchased 19,836,205 of its own shares under the program
On March 24, 2023, Outokumpu completed its up to EUR 100 million share buyback program which was announced on November 3, 2022 and commenced on November 7, 2022. During the program, Outokumpu repurchased a total of 19,836,205 of its own shares (ISIN FI0009002422) and used a total of EUR 100 million for the share repurchases. The average price per share was approximately EUR 5.04.
After the completion of the share buyback program, Outokumpu holds a total of 23,109,206 treasury shares, representing 5.06% 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 3, 2022, Outokumpu’s Board of Directors approved a share buyback program of up to EUR 100 million under the authorization of the Annual General Meeting on March 31, 2022 to repurchase a maximum of 45,000,000 of Outokumpu’s own shares, representing approximately 9.85% of Outokumpu’s total number of shares. The maximum number of shares to be repurchased under the program was 20 million, representing approximately 4.4% of the company’s total number of shares.
Through the share buyback program, Outokumpu aims 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 4,164,711 of treasury shares, representing 0.91% of the company’s total number of shares.
Outokumpu
For more information:
Investors: Linda Häkkilä, Head of Investor Relations, tel. +358 40 071 9669
Media: Corporate communications, tel. +358 40 351 9840
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 more than 8,000 professionals in close to 30 countries, with headquarters in Helsinki, Finland and shares listed in Nasdaq Helsinki. www.outokumpu.com