Schibsted has today engaged a third party to conduct a buyback of up to 600,000 own B-shares to be used for the Company’s employee share saving plan and long-term incentive plans. Shares have not been allocated yet, but will be used in later rounds in these programmes.
The buyback will be done on the basis of the authorization granted at Schibsted’s Annual General Meeting (AGM) on 4 May 2022. For further information, please see the minutes of the AGM at: https://static.schibsted.com/wp-content/uploads/2022/05/06104934/AMG-2022-Minutes-English.pdf
The share buyback program will be carried out by way of purchases in the market. Schibsted is entering into a non-discretionary agreement with the third party, who will make its trading decisions independently of and uninfluenced by Schibsted.
The buyback will be conducted in a period lasting from 20 September 2022 and until the closing of the market on 4 November 2022. Buying will take place in tranches, with daily purchases limited to a maximum of 25 per cent of the average daily volume traded in the previous month (average daily volume traded for Schibsted’s B-shares in August 2022 was 129,963 shares). The total purchase amount and number of shares is around NOK 88 million based on the closing price on 16 September 2022 and 600,000 shares.
Schibsted’s Board of Directors has resolved that the share purchases carried out under this buyback programme shall be done at a minimum price of NOK 50 per share, and a maximum price of NOK 350 per share.
Schibsted will report its purchases every seventh trading day.
The transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR), Commission Delegated Rules (EU) 2016/1052 (“Safe Harbour Regulation) and Euronext Oslo Børs` Guidelines for buyback programmes and stabilisation dated February 2021.
Oslo, 20 September 2022
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
- Jann-Boje Meinecke, VP, Head of Investor Relations, +47 941 00 835, email@example.com