Össur, Reykjavik, Iceland, initiated a share buyback program on NASDAQ Copenhagen on December 1, which will replace the program initiated December 3, 2015. The purpose of the program is to reduce the company’s share capital and adjust the capital structure by distributing capital to shareholders in line with the company’s capital structure and dividend policy. Össur may purchase up to 5 million shares under the program, corresponding to 1.2 percent of the current share capital. The total consideration for shares purchased under the program shall not exceed US $10 million. The daily purchase shall not exceed 25 percent of the average volume in the 20 trading days before the purchase. The purchase price shall not be higher than the price of the last independent trade or the highest current independent bid, whichever is higher. The program will be managed by Nordea Bank, headquartered in Stockholm, Sweden, which will make its trading decisions independently and without influence by the company regarding the timing of the purchases. Össur’s purchases under the program shall be disclosed in accordance with law and regulations. The program will end no later than November 30, 2017, but can be discontinued at any time.
Össur also reserves the right to buy back shares in block trades outside the program with the aim to maintain net interest bearing debt at 0.5x – 1.5x to earnings before interest, taxes, depreciation, and amortization. Such transactions will only be made in open windows (i.e., within six weeks from the publication of the company’s financial results, and when no insider information is available.) Such transactions will be announced immediately after they have occurred.
According to an authorization granted by the Annual General Meeting in March 2015, Össur is allowed to purchase up to 10 percent of its own shares of the company’s 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. The authorization is valid until March 12, 2020.
