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Norva24 Group AB (publ) to repurchase own shares

MAR

The Annual General Meeting resolved on 25 May 2023 to authorise the Board to decide on the repurchase of own shares. Based on this authorisation, the Board has decided to initiate a repurchase program. The aim of the repurchase program is to meet the requirements arising under Norva24’s performance share plan, meaning securing delivery of Norva24 shares to the participants and securing and covering the costs for social fees that may arise, to continuously be able to adapt Norva24’s capital structure and thereby contribute to an increase in value for shareholders and to finance major acquisitions of operations through payment with treasury shares.

The repurchase program are subject to the following terms and conditions:

  1. Repurchases may only be effected on Nasdaq Stockholm in accordance with Nasdaq Stockholm’s Rulebook for Issuers of Shares (below the “Rulebook”).
  2. Acquisitions may be conducted on one or several occasions until the Annual General Meeting 2024.
  3. A total maximum of 2,283,534 shares may be acquired.
  4. Acquisitions of shares may only be conducted on Nasdaq Stockholm at a price per share within the share-price interval registered at any time, meaning the interval between the highest buying price and lowest selling price.
  5. Repurchases may only be effected in accordance with the restrictions regarding volume for acquisitions of own shares stated in the Rulebook.
  6. Repurchases may also be made by way of block trades in accordance with applicable rules.

Acquired own shares can be delivered to the participants in LTIP 2023 in accordance with the terms and conditions resolved at the Annual General Meeting held on 25 May 2023.

As of the date of this press release, the total number of shares in Norva24 is 182,682,740 shares. Norva24 currently does not hold any treasury shares. Completed acquisitions of own shares will be disclosed and reported in accordance with applicable laws and regulations as well as Nasdaq Stockholm’s Nordic Main Market Rulebook for Issuers of Shares.

For complete information on the authorisation resolved by the Annual General Meeting, visit, www.norva24.com 

For further information, please contact:

Sture Stölen, Head of IR +46 723 68 65 07

About Norva24

Norva24 is the leading northern European player in the Underground Infrastructure Maintenance (UIM) industry [1] and offers UIM services, such as emptying, pressure washing and pipe services. As of today, the company operated 76 branches [2] in Norway, Germany, Sweden and Denmark, with approximately 1,600 employees. The company’s history dates back to 1919 and Norva24 has since evolved from a company with Norwegian roots to being a market leader in UIM services in Norway, Germany, Sweden and Denmark. Norva24 has a history of completing acquisitions to enter new markets or to consolidate its local market position, taking advantage of the highly fragmented UIM market in Europe, which is characterized by mostly small, local companies. In its four markets, the company has conducted 40 acquisitions since 2015. www.norva24.com.

[1] Measured in revenue.

[2] The term “branch” refers to places of business in various locations in which the company conducts its operations.

This information is information that Norva24 Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-31 08:59 CEST.

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Norva24 Group AB (publ) to repurchase own shares

Datum 2023-08-31, kl 08:59
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Norva24 Group AB (publ) to repurchase own shares
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