Entra ASA ("Entra") has decided to initiate a share buy-back program for up to 2% of the registered shares, representing up to 3,674,649 shares.
Up to 2,447,272 of the total 3,674,649 shares will be repurchased in the market. The remaining up to 1,227,377 shares will be purchased from the Norwegian state pursuant to an agreement between Entra and the Ministry of Trade, Industry and Fisheries. According to the agreement the Ministry is committed to participate in a share buy-back program on a proportionate basis so that the Ministry's ownership interest in Entra of 33.4% remains unchanged.
Entra has put in place a non- discretionary program (the "Program") for the repurchase of up to 2,447,272 of its ordinary shares (the "Shares"). The Program will be managed by third parties, which will make its trading decisions in relation to the Shares independently of, and uninfluenced by, Entra. Please note this may result in Entra buying shares through periods where the company otherwise would have been restricted.
The shares will be repurchased in accordance with the authorisation given by Entra's AGM on 20 April 2018. Entra will seek approval by the AGM in April 2019 for cancellation of the repurchased shares and a corresponding redemption of the proportionate shares from the Ministry. The market repurchases will have immediate cash flow effects whereas the pro rata redemption from the Ministry will be paid in second quarter 2019.
The buy-back program will be in force until the maximum number of shares as set out above has been acquired, unless the Board resolves to terminate the program at an earlier time.
For further information, please contact: Anders Olstad, CFO Entra ASA, tel: +47 900 22 559, email: ao@entra.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the of the Norwegian Securities Trading Act.