Magnora ASA (OB:MGN) commences an Equity Buyback for 6,682,268 shares, representing 10% of its issued share capital, under the authorization approved on April 25, 2023.
June 18, 2023 at 07:00 pm EDT
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Magnora ASA (OB:MGN) commences share repurchases on June 15, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 25, 2023. As per the mandate, the company is authorized to repurchase up to 6,682,268 shares, representing 10% of its issued share capital for a nominal value of NOK 3.27 million. The shares will be repurchased at a minimum price of NOK 1 per share and at a maximum price of NOK 100 per share. The repurchased shares will be used to cover the delivery of shares in accordance with obligations under issued options. The program will be valid till the next Annual General Meeting in 2024, but not later than June 30, 2024. As at March 31, 2023, the company had 66,822,679 shares in issue and had 21,866 shares in treasury.
On June 9, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to NOK 50 million worth of its shares. The shares will be repurchased at a price of NOK 45 per share. The shares repurchased under the program will be used to reduce the number of outstanding shares for the issuing of compensation shares or other corporate purposes. The repurchases will commence on June 12, 2023, and the program will expire on April 15, 2024.
Magnora ASA is a Norway-based investment company. It is engaged in the investing in renewable energy companies and projects and has over the past year been able to expand into solar photovoltaic (PV), offshore wind, onshore wind and solar PV enhancing technology market across the Nordics, United Kingdom and South Africa. The Companyâs activities are divided into two business segments: Corporate and Projects. The Corporate segment consists of the corporate staff and represents the cost base of the Group, all licensing revenues from legacy oil and gas contracts are managed and reported as part of the corporate segment; and The Project segment consists of the portfolio companies, projects, and all related activities.
Magnora ASA (OB: MGN) commences an Equity Buyback for 6,682,268 shares, representing 10% of its issued share capital, under the authorization approved on April 25, 2023.
MAGNORA ASA 
