Pexip Holding ASA - Initiation of Share Buyback Program
Oslo, February 10, 2022: 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 87.5 million.
Pexip has an ongoing employee share-based compensation program with existing future commitments on delivery of shares. Due to a solid cash position, the Board believes that it is an attractive option to buy back shares to fulfil its obligations in future share option exercises. After this buyback program, Pexip will continue to have sufficient cash reserves to fund the communicated growth plan until the company returns to cashflow positive operations.
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 February 11, 2022 and end the earlier of such time as the buyback has been completed and March 10, 2022. 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 ABGSC 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 690,691 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:
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.