Norva24 Group AB (OM:NORVA) commences an Equity Buyback for 18,268,274 shares, representing 10% of its issued share capital, under the authorization approved on May 25, 2023.
November 21, 2023 at 02:03 am EST
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Norva24 Group AB (Publ) (OM:NORVA) commences a share repurchases on September 1, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 25, 2023. As per the mandate, the company is authorized to repurchase up to 18,268,274 shares, representing 10% of its share capital. The company will repurchase its shares in such a way that the total holding of treasury shares does not exceed 10 per cent of all shares in the company. The authorization will be valid through Annual General Meeting 2024. As of April 21, 2023, the company had 182,682,740 shares in issue and no shares in treasury.
On August 31, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 2,283,534 shares, representing 1.25% of its share capital. The shares will be repurchased at a price per share within the share-price interval registered at any time, meaning the interval between the highest buying price and lowest selling price. The aim of the repurchase program is to meet the requirements arising under company?s performance share plan, meaning securing delivery of the company shares to the participants and securing and covering the costs for social fees that may arise, to continuously be able to adapt the company?s capital structure and thereby contribute to an increase in value for shareholders and to finance major acquisitions of operations through payment with treasury shares. The repurchased shares can be delivered to the participants in LTIP 2023.
Norva24 Group AB (publ) is a Sweden-based Underground Infrastructure Maintenance (UIM) specialist company. The Company's service offering includes mission-critical and non-discretionary maintenance services for underground infrastructure, such as pressure washing, emptying services and pipe services. Norva24 Group has experience emptying septic tanks, grease separators and sand traps. It also offers a range of services in pressure washing, such as tank cleaning and high and ultra-high pressure washing. The Companyâs pipe services include pipe inspections, relining, pressure testing, leak detection, tightness checks and pipe cleaning. Norva24 Group has operations in Sweden, Denmark, Germany and Norway and operates more than 60 branches in these countries.
Norva24 Group AB (OM: NORVA) commences an Equity Buyback for 18,268,274 shares, representing 10% of its issued share capital, under the authorization approved on May 25, 2023.
NORVA24 GROUP AB 
