STOREBRAND ASA – Initiation of Share Buyback Program of NOK 500 million
As announced at the presentation of the half year results on 14 July 2022, Storebrand ASA commences a share buyback program today, 18 July 2022, for a maximum of NOK 500 million. The amount is equivalent to approx. 1.4% of the share capital in Storebrand ASA, given the last closing price of NOK 75.52. The share buyback program will end no later than 30 November 2022.
The share buyback program has been resolved by the Board of Directors of Storebrand ASA and is in accordance with the authorisation granted to the Board by the Annual General Meeting of Storebrand ASA on 6 April 2022, and the approval received from the Norwegian Financial Supervisory Authority on 17 June 2022.
The share buyback program will be carried out by way of repurchases in the market. Storebrand is entering 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 Annual General Meeting, 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 45 906 266 shares.
The shares repurchased under the buyback program will be redeemed (i.e. cancelled), subject to the approval by Storebrand ASA's General Meeting in 2023.
The background for the buyback program is to return excess capital to shareholders. According to Storebrand's capital management framework, the Board intends to conduct a share buyback program when the solvency margin is sustainably above 180% without material use of transitional capital.
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, 18 July 2022
For further inquiries, please contact:
Head of Investor Relations & Rating, Daniel Sundahl:
daniel.sundahl@storebrand.no or (+47) 913 61 899
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 40.000 corporate customers, 2 million individual customers and manages NOK 1 009 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.