The Board of Directors of Nekkar ASA ("Nekkar" or the "Company") has resolved to initiate a share buy-back program. The share buy-back program will be executed in accordance with the authorization granted to the Board of Directors by the Annual General Meeting of Nekkar held on May 30, 2023. The program will be used for corporate purposes in accordance with the above-mentioned authorization.
The share buy-back program covers purchase of up to 10,742,711 shares, and the maximum amount of the program shall be NOK 80 million. The buy-back program is expected to commence in September 2023 and is planned finalized within June 30th, 2024 at the latest.
Nekkar possesses a robust balance sheet, characterized by a significant cash position and the absence of any interest-bearing debt. The board is of the opinion that utilizing a portion of this available cash for a share buy-back program would be in the best interest of the company’s shareholders.
The share buy-back program will be managed by an independent financial investment firm, which will make its trading decisions regarding the timing of the share repurchases independently of, and without influence by, Nekkar.