KONGSBERG returns NOK 2bn to shareholders and updates its dividend policy

Kongsberg Gruppen ASA’s (“KONGSBERG”) Board has resolved to distribute a dividend of NOK 10 per share (approx. NOK 1.8 billion in total) and to initiate a share buy-back program of up to NOK 200 million. The Board thus utilizes its authorisation granted by the Annual General Meeting (“AGM”) on 14 May 2020.

The resolution is based on an overall evaluation of KONGSBERG’s financial position and outlook and brings total distribution to shareholders, based on 2019 accounts, up to NOK 2.45 billion, including ordinary dividend of NOK 2.50 per share (approx. MNOK 450 in total) paid out in May 2020.

Shareholders registered on 2 November 2020 will be entitled to the special dividend. Ex. dividend date will be 3 November 2020 and record date will be 4 November 2020. The special dividend will be paid out on or about 12 November and will for tax purposes deemed to be repayment of previously paid-in capital.

KONGSBERG will seek shareholder’s approval to cancel the repurchased shares under the buyback programme.

KONGSBERG’s Board has also decided to update the company’s dividend policy. The updated policy is:

“KONGSBERG seeks to pay an ordinary dividend per share that is stable or growing year over year. Special dividends and/or share buybacks may serve as a supplement to ordinary dividends. All shareholder distributions are subject to the company’s assessment of future capital requirements.”

KONGSBERG (OSE-ticker: KOG) is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the maritime, oil & gas, defence and aerospace industries. KONGSBERG has almost 11,000 employees in 40 countries.

This information is subject to disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act.