SmartCraft ASA (SMCRT) re-initiates share buy-back programme
SmartCraft ASA | Additional regulated information required to be disclosed under the laws of a member state
In a stock exchange announcement of 2 November 2022, SmartCraft ASA (the "Company") (Ticker: SMCRT NO) notified the initiation of a share buy-back programme to a maximum of 2% the share capital of the Company (3,430,446 shares). The buy-back programme was conducted in accordance with the authorization granted to the board of directors by the Company's Extraordinary General Meeting held on 2 November 2022. In the period 3 November 2022 to 27 April 2023 the Company purchased a total of 1,297,848 of its own shares at an average price of NOK 17.6339 per share.
Following the Annual General Meeting the Company has decided to re-initiate a Company share buy-back programme. The buy-back programme will be conducted in accordance with the authorization granted to the board of directors by the Company's Annual General Meeting held on 28 April 2023.
The share buy-back programme will be for up to 2% of the share capital of the Company (3,430,446 shares), and for a maximum consideration of NOK 85 million. The repurchases will be conducted in the period from 28 April 2023 until the day before the issuer’s Annual General Meeting in 2024, or until the maximum number of shares have been repurchased. Buyback transactions will be executed according to the market price on the Oslo Stock Exchange, and the maximum price to be paid per share under the program is NOK 25.
The purpose of the share buy-back programme is to obtain treasury shares for potential future settlement of the Company's long-term management investment program for the executive management and other key employees, to optimize the company's capital structure and/or for settlement of transactions.
The program will be managed by Carnegie AS, which will make its trading decisions in relation to the acquisition of shares independently of, and uninfluenced by, the Company.
SmartCraft will report its purchases every seventh trading day.
The transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR), Commission Delegated Rules (EU) 2016/1052 ("Safe Harbour Regulation) and Euronext Oslo Børs' Guidelines for buyback programmes and stabilisation dated February 2021.
This information is published in accordance with the requirements in article 5 of the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Contacts
Kjartan Bø
CFO
Tel: +47 410 27 000
About SmartCraft ASA
SmartCraft is the leading Nordic provider of mission-critical SaaS solutions to SME's in the construction sector. The company’s business model is highly scalable, based on 96% recurring revenue and low churn. The construction sector is among the least digitalized industries and represents a NOK 10bn software market in the Nordics, growing at a double-digit rate. SmartCraft’s solutions help customers to increase their productivity, margins, and resource efficiency.