Pexip Holding ASA - Initiation of Share Buyback Program
Oslo, May 31, 2021: Pexip Holding ASA ("Pexip" or the "Company") has decided to initiate a buyback of its own shares in the market for a total amount of NOK 88 million.
Pexip has an ongoing employee stock option program through which share issues in 2021 have raised NOK 88 million to the Company. Pexip has sufficient cash reserves, stemming from the IPO in 2020 and from operations, to fund the communicated growth investments without the need for the excess funding coming from employee share option exercises, and will instead use these funds to buy back shares. Pexip will use the shares acquired in this buyback program to fulfil its obligations in future share option exercises.
The buyback program will be conducted in accordance with the authorization provided by the annual general meeting (AGM) to the board of directors (“The Board”) on May 20, 2021. According to the authorization the Board is authorized to acquire shares in the Company on behalf of the Company with an aggregate nominal value of up to NOK 155,700. The authorization is valid until the AGM in 2022, however no longer than until June 30, 2022.
The program will be initiated June 1, 2021 and end the earlier of such time as the buyback has been completed and June 29, 2021. Under the authorization from the AGM, the consideration per share may not be less than NOK 1 and may not exceed NOK 200. All acquisitions under the buyback program will be executed on Euronext Oslo Børs. Pexip has engaged Arctic Securities and Pareto Securities to carry out the share buyback program on its behalf.
The execution of any repurchases will depend on market conditions, the buyback program may be discontinued at any time and the Company may resolve to terminate the buyback program before the threshold set out above is reached. Pexip holds 15,070 own shares as of the date of this announcement.
This information is made public by the Company pursuant to the EU Market Abuse Regulation article 5, as supplemented by Commission Delegated Regulation (EU) 2016/1052 and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
For further information, please contact:
Investors: Mirza Koristovic, Director Investor Relations, IR@pexip.com, +47 93 87 05 25
About Pexip | pexip.com
Pexip simplifies complex videoconferencing to empower organizations with face-to-face collaboration, no matter the location or technology. Our scalable platform enables high-quality video meetings, with enterprise-grade security, and is easily adapted to fit customers’ IT requirements and existing infrastructure. This makes Pexip the leading provider for large enterprises and public sector organizations. The solution is sold through 300 channel partners in 75 countries and used in more than 190 countries. Pexip was listed on the Oslo Børs in May 2020.