STOREBRAND ASA – Initiating NOK 400 million Share Buyback Program
The Board of Storebrand ASA ("the Board") has decided to continue the share buyback program today, 7 February 2024, with a tranche amounting to a maximum of NOK 400 million ("the program"). This is equivalent to approx. 0.9% of the share capital in Storebrand ASA given the last closing price of NOK 95.66. The program will end no later than 3 April 2024.
On February 6, Storebrand received an approval from the Norwegian Financial Supervisory Authority (NFSA) to conduct share buybacks. The Board has decided to continue the buyback program with a tranche amounting to NOK 400 million today. The program is in accordance with the authorisation granted to the Board by the Annual General Meeting of Storebrand ASA ("the AGM") on 13 April 2023.
The share buyback program will be carried out by way of repurchases in the market. Storebrand has entered into a non-discretionary agreement with a third party who will make its trading decisions independently of, and uninfluenced by, Storebrand.
In accordance with the authorisation from the AGM, the minimum price that can be paid per share is NOK 5, and the maximum price is NOK 150. According to the AGM resolution, the maximum numbers of own shares that can be held by the company is limited to 46 549 786. Given the current holdings, the company can purchase up to 28 372 180 shares under the program.
The purpose of the program is to return excess capital to shareholders by reducing the share capital of the company, and to acquire shares for the company's remuneration program for management and stock purchase scheme for employees. According to Storebrand's capital management framework, the Board intends to buy back shares when the solvency margin is above 175%.
The shares repurchased under the buyback program that are not used for the company's remuneration program or stock purchase scheme for employees, will be redeemed (i.e. cancelled) subject to approval by the AGM in 2025. Transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour Regulation") as further set out i.a. in the Norwegian Securities Trading Act of 2007 and the Oslo Stock Exchange's Guidelines for buy-back programs and price stabilisation dated February 2021. Transactions will be reported on a weekly basis.
Lysaker, 7 February 2024
For further inquiries, please contact:
Johannes Narum, Head of Investor Relations:
johannes.narum@storebrand.no or (+47) 993 33 569
Storebrand is a Nordic financial group, delivering increased security and financial wellness for people and companies. We offer sustainable solutions and encourage our customers to take good economic decisions for the future. Our purpose is clear: we create a brighter future. Storebrand has about 55.000 corporate customers, 2.2 million individual customers and manages NOK 1,212 billion. The Group has its headquarter at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
This is information is pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.