SATS ASA ("SATS" or the "Company", ticker: "SATS") has decided to initiate a
share buyback program.
The buyback program will be conducted in accordance with the authorization
granted to the board of directors by the Company's annual general meeting on
April 4, 2022.
The share buyback program represents approx. 1% of the share capital of the
Company, with a maximum of 2,000,000 shares at a maximum consideration of NOK
30,000,000. The minimum price payable per share in the share buyback program is
NOK 2.00 and the maximum price payable per share is NOK 15.00. The number of
shares acquired per day shall not exceed 25% of the average daily trading volume
in the 20 trading days preceding the relevant purchase date.
The repurchase will be conducted in the period from March 31, 2023, until the
earlier of the day before the Company's annual general meeting in 2023 (expected
on or about May 31, 2023) (the "2023 Annual General Meeting") and the date the
maximum numbers of shares have been repurchased. If the repurchase is not
completed within the 2023 Annual General Meeting, the repurchase shall be
temporarily paused from the date of the 2023 Annual General Meeting and later
continued in accordance with the new authorization to repurchase shares expected
to be granted to the board of directors by the 2023 Annual General Meeting,
following registration of such authorization with the Norwegian Register of
Business Enterprises (Nw. Foretaksregisteret). This means that repurchase of
shares may be continued after the date of the 2023 Annual General Meeting, until
the earlier of the date the maximum number of shares have been acquired and June
30, 2023. Should the 2023 Annual General Meeting fail to provide the board of
directors with a new authorization to repurchase shares, the share buyback
program will be completed with effect as of the 2023 Annual General Meeting.
The purpose of the share buyback program is to obtain treasury shares for a
combination of settlement of the Company's new share investment program, for
partly fulfillment of matching shares for the new share investment program, and
for delivery of matching shares under a previous share investment program. For
more information about the new share investment program, please see the stock
exchange announcements published by SATS on March 27, 2023 and March 29, 2023 in
this respect.
The program will be managed by ABG Sundal Collier ASA, which will make its
trading decisions in relation to the acquisition of shares independently of, and
uninfluenced by, the Company.
The transactions will be conducted in accordance with the Market Abuse
Regulation (EU) No 596/2014, Commission Delegated Regulation (EU) 2016/1052 and
Euronext Oslo Børs' Guidelines for buyback programs and stabilization dated
February 2021.
For further information, please contact:
Cecilie Elde, Chief Financial Officer, phone: +47 924 14 195
Stine Klund, Finance and Investor Relations Manager, phone: +47 986 99 259
This information is published in accordance with the requirements set out in
Article 5 of the Market Abuse Regulation and subject to the disclosure
requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
