Kongsberg executes share buyback programme

OSLO: Kongsberg ASA has on 1 December 2020 put in place a non-discretionary agreement with a third party for the repurchase of Kongsberg shares for up to NOK 100 million in the open market.

Under this agreement, the third party will manage the programme and make its own trading decisions independently of, and uninfluenced by, Kongsberg.

Share repurchases are expected to be finalised no later than March 2021 and regulatory notifications will be published following any repurchase activity.

The remaining up to NOK 100 million of shares will be purchased from the Norwegian state pursuant to an agreement between Kongsberg and the Ministry of Trade, Industry and Fisheries.

According to the agreement the Ministry is committed to participate in a share buyback programme on a proportionate basis so that the Ministry’s ownership interest in Kongsberg of 50.001% remains unchanged.

The compensation for the Ministry’s shares and the following redemption of these shares is expected to occur in the second quarter 2021.

The basis for the 2020-21 programme is the authorisation given to the Board by KONGSBERG’s Annual General Meeting (AGM) on 14 May 2020.

Kongsberg will seek approval from the 2021 AGM for cancellation of the shares repurchased under the programme and a corresponding redemption of the proportionate number of shares owned by the Norwegian state.

The up to NOK 200 million return from the buyback programme comes in addition to the FY 2019 ordinary dividend of NOK 2.50 per share paid on 26 May 2020 and the special dividend of NOK 10.00 per share paid on 12 November 2020. This brings the total distribution to shareholders to up to NOK 2.45 billion. 

Kongsberg (OSE-ticker: KOG) is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the merchant navy and oil & gas, defence and aerospace industries. Kongsberg has almost 11,000 employees in 40 countries.

https://www.kongsberg.com

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