The Board of Storebrand ASA ("the Board") has decided to continue the share
buyback program today, 22 September 2023, with a tranche amounting to a maximum
of NOK 500 million ("the program"). This is equivalent to approx. 1.2% of the
share capital in Storebrand ASA given the last closing price of NOK 87.32. The
program will end no later than 22 December 2023.
On July 13, Storebrand recieved a appoval from the Norwegian Financial
Supervisory Authority (NFSA) to conduct another NOK 1 billion in share buybacks,
divided into two equal tranches of NOK 500 million, to be completed by the end
of 2023. The first trache was completed today, on September 22. The Board has
decided to continue the buyback program with a second tranche today.
The program is in accordance with the authorisation granted to the Board by the
Annual General Meeting of Storebrand ASA ("the AGM") on 13 April 2023.
The share buyback program will be carried out by way of repurchases in the
market. Storebrand has entered into a non-discretionary agreement with a third
party who will make its trading decisions independently of, and uninfluenced by,
Storebrand.
In accordance with the authorisation from the AGM, the minimum price that can be
paid per share is NOK 5, and the maximum price is NOK 150. According to the AGM
resolution, the maximum numbers of own shares that can be held by the company is
limited to 46 549 786. Given the current holdings, the company can purchase up
to 33 922 377 shares under the program.
The purpose of the program is to return excess capital to shareholders by
reducing the share capital of the company. According to Storebrand's capital
management framework, the Board intends to buy back shares when the solvency
margin is above 175%.
The shares repurchased under the buyback program will be redeemed (i.e.
cancelled), subject to approval by the AGM in 2024. Transactions will be
conducted in accordance with the Market Abuse Regulation (EU) No 596/2014
("MAR") and Commission Delegated Regulation (EU) No 2016/1052 ("Safe Harbour
Regulation") as further set out i.a. in the Norwegian Securities Trading Act of
2007 and the Oslo Stock Exchange's Guidelines for buy-back programs and price
stabilisation dated February 2021.
Transactions will be reported on a weekly basis.
Lysaker, 22 September 2023
For further inquiries, please contact:
Johannes Narum, Head of Investor Relations:
johannes.narum@storebrand.no or (+47) 993 33 569
Storebrand is a Nordic financial group, delivering increased security and
financial wellness for people and companies. We offer sustainable solutions and
encourage our customers to take good economic decisions for the future. Our
purpose is clear: we create a brighter future. Storebrand has about 55.000
corporate customers, 2.2 million individual customers and manages NOK 1,143
billion. The Group has its headquarter at Lysaker outside of Oslo, Norway.
Storebrand (STB) is listed on Oslo Stock Exchange.
www.storebrand.no
This is information is pursuant to the EU Market Abuse Regulation and subject to
the disclosure requirements pursuant to Section 5-12 the Norwegian Securities
Trading Act.