Otello Corporation ASA (OB:OTEC) commences share repurchases on June 20, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 1, 2023. As per the mandate, the company is authorized to repurchase its own shares. The shares will be repurchased at a minimum price of NOK 5 and at a maximum price of NOK 200 per share.

The repurchased shares may only be used to fulfill the obligations under incentive schemes, as part of consideration for acquisitions made by the company, as part of the consideration for mergers, demergers or acquisitions involving the company, to raise funds for specific investments, for the purpose of paying down loans or in order to strengthen the company’s capital base. The authority is valid from the date of registration with the Norwegian Register of Business Enterprises to June 30, 2024. As of May 12, 2020, the company had 91,099,729 issued shares and no shares in treasury.