STOREBRAND ASA – Initiating NOK 500 million Share Buyback Program today
The Board of Storebrand ASA ("the Board") has decided to continue the share buyback program today, 29 March 2023, with a tranche amounting to a maximum of NOK 500 million ("the program"). This is equivalent to approx. 1.4% of the share capital in Storebrand ASA given the last closing price of NOK 74.00. The program will end no later than 30 June 2023.
In connection with the publication of Storebrand's 4th quarter 2022 results, Storebrand announced that it would seek approval from the Norwegian Financial Supervisory Authority (NFSA) for a NOK 500 million tranche. The approval was received on 28 March 2023.
The program is in accordance with the authorisation granted to the Board by the Annual General Meeting of Storebrand ASA ("the AGM") on 6 April 2022. From 14 April 2023, the program is subject to a renewed authorisation by 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. The maximum number of shares that can be purchased is 46 549 786 shares.
The purpose of the program is to return excess capital to shareholders by reducing the share capital of the company. 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 will be redeemed (i.e. cancelled), subject to approval by the AGM in 2024.
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, 29 March 2023
For further inquiries, please contact:
Trond Finn Eriksen, Investor Relations (interim):
trond.finn.eriksen@storebrand.no or (+47) 991 64 135
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 1,020 billion. The Group has its headquarter at Lysaker outside of Oslo, Norway. Storebrand (STB) is listed on Oslo Stock Exchange.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act and the Market Abuse Regulation.