Following the successful transaction of divesting 30% of Telenor Fiber AS,Telenor Group has decided to initiate a 2023-2024 share buyback programme. The programme size will be limited toNOK 3.7 billion and up to 47 million shares.Telenor has on7 February 2023 entered into a non-discretionary agreement with a third party for the repurchase of up to 21.6 millionTelenor shares in the market for a maximum pecuniary amount ofNOK 1.7 billion . The third party will manage the programme and make trading decisions independently of, and uninfluenced by,Telenor . The buyback mandate will commence on8 February 2023 and will end no later than on31 December 2023 . Pursuant to an agreement betweenTelenor and theMinistry of Trade, Industry and Fisheries the remaining up to 25.4 million shares in the share buyback programme will be redemption of shares from the Norwegian State on a proportionate basis. This ensures that the State's ownership interest inTelenor of 53.97% remains unchanged. The compensation for the State's shares and the following redemption of these shares is expected to occur mid-2024. InMay 2024 Telenor will seek approval from the AGM for cancellation of the repurchased shares, including shares owned by the Norwegian state. The buy-back programme is based on an authorization granted to the Board of Directors at the Extraordinary General Meeting26 January 2023 . According to the authorization, the maximum number of shares to be purchased in the market is 47 million, the minimum price that can be paid per share isNOK 50 , and the maximum price isNOK 150 . The authorization is valid until31 December 2023 . The buyback programme will return up toNOK 3.7 billion to shareholders. This comes in addition to the FY 2022 ordinary dividend ofNOK 9.40 per share, of whichNOK 5.00 will be paid inMay 2023 and remainingNOK 4.40 will be paid out inOctober 2023 . Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out i.a. in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and theOslo Stock Exchange's Guidelines for buy-back programmes and price stabilisationFebruary 2021 . This information is made public byTelenor pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
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