Össur, Reykjavik, Iceland, announced it will explore the potential for share buyback block trades on NASDAQ Copenhagen and NASDAQ Iceland. Carnegie Investment Bank has been selected as manager of the potential block trade on NASDAQ Copenhagen, and Virding Capital Markets has been selected as manager of the potential block trade on NASDAQ Iceland. The company said it will also consider commencing a subsequent safe harbor share buy-back program.
The purpose of the share buybacks is to adjust the capital structure by distributing capital to shareholders in line with Össur’s capital structure and dividend policy. A proposal to decrease the share capital will be submitted to the annual general meeting in 2016 if any transactions are executed.
According to an authorization granted by the annual general meeting in March, the company is allowed to purchase its own shares of up to 10 percent of its share capital as it stands each time. The authorization states that the purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher, on the regulated market where the transaction is carried out.