The Board of Schibsted ASA has resolved to initiate a buyback of up to 2% of outstanding Company shares during Q3 2019.
The buybacks will be made on the basis of the resolution made by the Annual General Meeting of Schibsted ASA 3 May 2019, which granted the Board the authorization to buy back up to 10% of the Company’s shares for a period from the date of this Annual General Meeting and until the Annual General Meeting of the Company in 2020.
The purpose of the buybacks is to adjust capital structure and as well to increase the number of treasury shares available for use in connection with settlement in the Company’s share based long-term incentive schemes, as well as the Employee Share Saving Plan, and as settlement in acquisitions.
The execution of any repurchases will depend on market conditions. The Board may resolve to terminate the buyback program before the threshold set out above is reached.
It will be considered whether to cancel some of the shares after purchase to permanently adjust capital structure.
Schibsted ASA holds 256,227 treasury A-shares and 7,535 treasury B-shares as of today.
Oslo, 16 July 2019