Initiation of share repurchase programme

14/07/2023

The Board of Directors (the “Board”) of Norske Skog ASA (the “Company”) has decided to initiate a share repurchase programme today, 14 July 2023, in accordance with the authorisation granted to the Board by the Company’s annual general meeting (the “AGM”) on 20 April 2023.

In accordance with the authorisation from the AGM, the maximum number of shares that can be repurchased is 9 426 470 shares, equivalent to 10% of the share capital of the Company. The minimum price that can be paid per share is NOK 1 and the maximum price is NOK 100. The maximum consideration is NOK 472 000 000.

The number of shares acquired per day shall not exceed 25% of the average daily trading volume for the month prior to this announcement. This amounts to a maximum of 116 726 shares per day. The repurchase programme will be conducted in the period from 14 July 2023 until the earlier of 31 December 2023 and the date the maximum number of shares have been repurchased or the maximum consideration is reached.

The execution of any repurchases will depend on market conditions. The share repurchase programme may be discontinued at any time and the Board may resolve to terminate the share repurchase programme before the threshold set out above is reached. Further announcements will be made if and when appropriate.

The purpose of the repurchase programme is to return excess capital to shareholders by reducing the share capital of the company. The shares repurchased under the repurchase programme will be redeemed (i.e. cancelled), subject to approval by the AGM in 2024.

The share repurchase programme will be carried out by way of repurchases in the market. The Company has entered into a non-discretionary agreement with a third-party who will make its trading decisions independently of, and uninfluenced by, the Company.

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.

Norske Skog
Communications and Public Affairs
 
For further information:
Norske Skog media:                                                                                                 
Vice President Communication and Public Affairs  
Carsten Dybevig  
Email: carsten.dybevig@norskeskog.com 
Mob: +47 917 63 117  
 
Norske Skog financial markets:  
Investor Relation Manager
Even Lund
Email: even.lund@norskeskog.com
Mob: +47 906 12 919