Ossur Hf : Össur hf. initiates a "Safe Harbor" share buyback program on NASDAQ Copenhagen
Announcement from Össur hf. No. 48/2015
Reykjavík, 3 December 2015
Össur hf. initiates a "Safe Harbor" share buyback program on NASDAQ Copenhagen
Össur hf. has decided to initiate a share buyback program on NASDAQ Copenhagen that will be carried out in accordance with the provisions of the European Commission's Regulation No. 2273/2003 ("the Safe Harbor Regulation"). 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. The Company may purchase up to 5,000,000 shares under the program, corresponding to 1.1% of the current share capital. The total consideration for shares purchased under the program shall not exceed USD 10 million (approx. DKK 70 million). The daily purchase shall not exceed 25% 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, which shall make its trading decisions independently and without influence by the Company with regard to the timing of the purchases. The Company's purchases under the program shall be disclosed in accordance with law and regulations. The program will end no later than 1 December 2016, but the Company is entitled to discontinue the program at any time.
The Company also reserves the right to buy back shares in block trades outside the "Safe Harbor" program with the aim to maintain net interest bearing debt at USD 50 - 140 million. 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 been carried out.
According to an authorization granted by the Annual General Meeting in March 2015, the Company is allowed to purchase own shares of up to 10% 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 12 March 2020.
The Company's market making agreement with SEB Enskilda Equities will be suspended with effect from 1 January 2016 until the completion of the "Safe Harbor" program. During that period the Company will not have a market maker for Össur shares on NASDAQ Copenhagen.
Jón Sigurðsson, President & CEO Tel: +354 515 1300
Sveinn Sölvason, CFO Tel: +354 515 1300
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Össur (NASDAQ: OSSR) is a global leader in non-invasive orthopaedics that help people live a life without limitations. Its business is focused on improving people's mobility through the delivery of innovative technologies within the fields of braces, supports and prosthetic limbs. A recognized "Technology Pioneer", Össur invests significantly in research and product development; its award-winning designs ensuring a consistently strong position in the market. Successful patient and clinical outcomes are further empowered via Össur's educational programs and business solutions. Headquartered in Iceland, Össur has major operations in the Americas, Europe and Asia, with additional distributors worldwide. www.ossur.com
This press release includes "forward-looking statements" which involve risks and uncertainties that could cause actual results to differ materially from results expressed or implied by these statements. Össur hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.