Copyright © Inderes 2011 - present. All rights reserved.
  • Latest
  • Markets
    • Stock Comparison
    • Financial Calendar
    • Dividends Calendar
    • Research
    • Articles
    • Transcripts
    • AGM Invitations
    • IPOs
  • inderesTV
  • Forum
  • Discovery
  • About Us
    • Our Coverage
    • Team
Regulatory press release

NORECO: Offer to buy back shares in Norwegian Energy Company ASA

BlueNord
Read the release

Norwegian Energy Company ASA ("Noreco" or the "Company") has decided to initiate a share buyback of up to 360,000 shares of the Company in connection with its option program as well as for other corporate purposes. The buyback will be conducted as a reverse book building process at a price to be decided by the Company up to a maximum of NOK 248 per share, which represents an 8.5% premium to the closing price of the Company's shares on 17 January 2020. Noreco currently owns zero shares.

The book building period commences Monday, 20[th] January 2020 at 09:00 (CET) and is expected to close at 16:30 (CET) on Wednesday, 22[nd] January 2020. The Company reserves the right to accept sales offers received after the end of the book building period, as well as to close or extend the book building period at any time in its sole discretion without further notice. Sales offers are irrevocable and cannot be withdrawn. However, if the book building period is extended, sales offers can be withdrawn up until the expiry of the extended book building period.

The execution of any repurchases will depend on market conditions. In the event the total number of received acceptances exceeds 360,000 shares, the Company will determine criteria for the allocation of the acceptances in accordance with the best interest of the Company and the equal treatment of shareholders. The Company may decide to repurchase fewer shares than set out above, or choose to repurchase no shares at all, at its sole discretion.

Arctic Securities AS ("Arctic") and Fearnley Securities AS ("Fearnley") (together, the "Bookrunners") act as bookrunners in connection with the buyback and shareholders wanting to sell shares can contact Arctic at phone: +47 22 93 72 41 / +47 22 93 72 42 and Fearnley at phone +47 22 93 63 79 / +47 22 93 63 63.

The buyback will be based on the authorisation provided by the Annual General Meeting held on 28 June 2018.

For further information, please contact:

Euan Shirlaw, CFO, +47 22 33 60 00

Frederik Rustad, EVP, Corporate Finance & Investments, +47 22 33 60 00

***

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Find us on social media
  • Inderes Forum
  • Youtube
  • Facebook
  • X (Twitter)
Get in touch
  • info@hcandersencapital.dk
  • Bredgade 23B, 2. sal
    1260 København K
Inderes
  • About us
  • Our team
  • Careers
  • Inderes as an investment
  • Services for listed companies
Our platform
  • FAQ
  • Terms of service
  • Privacy policy
  • Disclaimer
Inderes’ Disclaimer can be found here. Detailed information about each share actively monitored by Inderes is available on the company-specific pages on Inderes’ website. © Inderes Oyj. All rights reserved.