SATS ASA: Initiation of program to repurchase shares
The board of directors of SATS ASA (“SATS” or the “Company”) has resolved to initiate a share repurchase program under which the Company may repurchase 1,100,000 own shares, representing 0.64% of the total number of shares in the Company, pursuant to the authorisation to acquire shares granted to the board of directors by the annual general meeting on 26 may 2020. Any shares acquired under the share repurchase program will be used in connection with the Company’s share investment program for the executive management announced by the Company on NewsWeb on 22 June 2020 (the “Share Investment Program”).
The shares to be repurchased by the Company will be used for the following three purposes under the Share Investment Program: 1. Delivery of Matching Shares to the relevant employees in accordance with the terms and conditions of the Share Investment Program, in total approximately 550,000 shares. 2. Delivery of shares to new employees who will be offered to participate in the Share Investment Program, in total approximately 450,000 shares. 3. Delivery of shares to the Company’s CEO, Sondre Gravir with respect to the additional investment made by him under the Share Investment Program as further described in the stock exchange announcement made today.
The shares will be purchased in the open market and the highest price to be paid per share is NOK 22.7, but will in no event exceed the prevailing market price for the SATS shares on the relevant trading day.
The Company has appointed Swedbank in cooperation with Kepler Cheuvreux to carry out the share repurchase program on its behalf. The repurchase of shares will be conducted from 1 October 2020 until and including 9 December 2020. Any shares purchased will be held in treasury until used for the above purposes.
Any repurchases will be conducted in accordance with applicable safe harbour conditions, and as further set out inter alia in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2273/2003 and the Oslo Stock Exchange’s Circular on buy-backs of own shares and price stabilisation 2/2008.
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