Telenor ASA (OB:TEL) commences share repurchases on August 16, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 27, 2021. As per the mandate, the company is authorized to repurchase up to 10,000,000 shares, representing 0.71% of its share capital. The minimum price payable for each share will be NOK 50 and the maximum price payable will be NOK 250. The repurchased shares shall be cancelled. The authority shall be valid until the next Annual General Meeting, but not beyond June 30, 2022. As of May 6, 2021, the company had 1,399,458,033 shares in issue.
On August 11, 2021, The company announced a share repurchase program. The shares shall be used to meet obligations towards employees who participate in the companys long term investment incentive plan (LTI) and the employee share plan (ESP). The shares that are not allocated now, will be used in later rounds in the share programs. The buyback in 2021 will be divided into two tranches. In first tranche the shares will be purchased for a total amount of approximately NOK 48.9 million, the repurchase will commence between August 16, 2021 to 18th August 2021 and in tranche 2 the shares will be purchased for a total amount of approximately NOK 9.4 million, the repurchase will commence between November 15, 2021 to November 17, 2021.
On August 18, 2021, the repurchase under first tranche has been completed. Under the first tranche, the company repurchased 309,383 shares for NOK 48.89 million.