(PRESS RELEASE) OSLO, 23-Sep-2022 — /EuropaWire/ — Norsk Hydro ASA (OTCMKTS: NHYDY), a Norwegian aluminium and renewable energy company committed to a sustainable future, has announced that its Board of Directors has decided to initiate a share buyback program to service its shareholders by way of reducing its share capital. The company’s share buyback program will be executed in accordance with the authorization granted to the Board of Directors by the Extraordinary General Meeting of Norsk Hydro held on September 20, 2022.
The share buyback program covers purchase of up to 100,000,000 shares with a maximum value of NOK 2,000 million, inclusive of the proportional redemption of shares owned by the Norwegian State. NOK 2,000 million is equivalent to approximately 1.6 percent of the market value of the share capital in Norsk Hydro at the current share price level. The buyback program will commence September 26, 2022 and is planned finalized within March 29, 2023, with the authorization being valid until September 20, 2023. The shares repurchased under the buyback program will be redeemed (cancelled) by way of a share capital decrease in Norsk Hydro, subject to approval by Norsk Hydro’s General Meeting.
The minimum and maximum amounts that can be paid per share shall be NOK 20 and NOK 150, respectively.
Norsk Hydro has entered an agreement with the Norwegian State according to which the Norwegian State’s shares will be redeemed on a pro-rata basis to ensure that the Norwegian State’s ownership is unchanged when shares are cancelled.
Norsk Hydro has engaged DNB Markets, a part of DNB Bank ASA, to manage and carry out the share repurchases in the market. DNB Markets will make its trading decisions independently of, and uninfluenced by, Norsk Hydro.
The share buyback program is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (“MAR”) and Commission Delegated Regulation (EU) No 2016/1052 (“Safe Harbour Regulation”).
This information is made public by Norsk Hydro pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Head of Investor Relations
SOURCE: Norsk Hydro ASA