ABL Group ASA Launches Share Repurchase Plan to Meet Financial Commitments

ABL Group ASA Launches Share Repurchase Plan to Meet Financial Commitments

(IN BRIEF) ABL Group ASA (ticker: ABL) has announced the commencement of a share buyback program, aiming to repurchase up to 250,000 of its own shares, representing approximately 0.2% of the outstanding share capital. The program, authorized by the Board of Directors at the Annual General Meeting in May 2023, allows for acquisitions up to a total maximum amount of NOK 5,000,000. The buyback, scheduled from March 20, 2024, until the completion of the maximum share repurchase, serves to meet near-term contractual obligations from past M&A transactions and fulfill requirements related to employee share programs. Managed independently by Arctic Securities AS, the initiative will adhere to regulatory guidelines outlined by the Market Abuse Regulation (EU) No 596/2014 and Euronext Oslo Børs’ Guidelines for buyback programs. Shares acquired will be held in treasury until utilized for the stipulated purposes, underpinning the company’s strategic financial management approach.

(PRESS RELEASE) LONDON, 21-Mar-2024 — /EuropaWire/ — ABL Group ASA (or the “Company”, ticker: “ABL”) has decided to initiate a share buyback program of up to 250,000 of its own shares, representing approximately 0.2% of the outstanding share capital in the Company.

The buyback program will be conducted in accordance with the authorization granted to the Board of Directors at the Annual General Meeting on 31 May 2023.

Under the share buyback program, shares may be acquired for a total maximum amount of NOK 5,000,000 and for a maximum of 250,000 shares.

The number of shares acquired per day shall not exceed 25% of the average daily trading volume in the 20 trading days preceding the relevant purchase date.

The repurchase will be conducted in the period from 20 March 2024 until the date the maximum number of shares have been repurchased. If the repurchase is not completed before the 2024 Annual General Meeting (expected on or about 29 May 2024), the repurchase shall be temporarily paused and may later continue, subject to the Board’s renewed approval, in accordance with a new authorization to repurchase shares expected to be granted to the Board of Directors by the 2024 Annual General Meeting. This means that repurchase of shares may be continued after the date of the 2024 Annual General Meeting, until the earlier of the date the maximum number of shares have been acquired and 30 June 2024.

The purpose of the share buyback program is to meet near term contractual obligations on past M&A transactions and to fulfil obligations in connection with employee share programs. Any shares purchased will be held in treasury until used for the above purposes.

The buyback program will be managed by Arctic Securities AS, which will make its trading decisions in relation to the acquisition of shares independently of, and uninfluenced by, the Company.

The transactions will be conducted in accordance with the Market Abuse Regulation (EU) No 596/2014, Commission Delegated Regulation (EU) 2016/1052 and Euronext Oslo Børs’ Guidelines for buyback programs and stabilization dated February 2021.

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SOURCE: ABL Group