On 26 February 2021 Kongsberg Gruppen ASA (“KONGSBERG”) has finalised the open market repurchase of the 2020-2021 share buyback programme announced on 1 December 2020. The programme was carried out by Danske Bank based on a non-discretionary agreement.
The total programme comprised about 1,16 million shares, of which 578,262 shares were repurchased in the market for a total consideration of NOK 99.9 million. The remaining shares will be purchased from the Kingdom of Norway through the Ministry of Trade, Industry and Fisheries and hence the Ministry's ownership interest in KONGSBERG of 50.004% will remain unchanged.
The approx. 1.16 million shares will be cancelled and redeemed following approval by the Annual General Meeting in May 2021, whereby the number of registered KONGSBERG shares will be reduced by approx. 1.16 million from today’s 179.99 million. The shares that have been repurchased in the open market have had an immediate cash effect whereas the pro rata shares from the Norwegian state will be paid simultaneously with the capital reduction in mid-2021.
The weighted average price for the shares was NOK 172.74 and with this KONGSBERG concludes its NOK 2.45 billion shareholder remuneration for financial year 2019. The remuneration included ordinary dividends of NOK 2.50 per share, special dividends of NOK 10.00 per share in addition to the NOK 200 million share buyback programme where the market part now has been finalised. As announced on 15 January 2021 the purchase of NOK 8.4 million of KONGSBERG shares related to a long-term incentive plan (LTI) for management will initiate on 1 March 2021.
Kongsberg (OSE-ticker: KOG) is an international, knowledge-based group that supplies high-tech systems and solutions to customers in the merchant navy and oil & gas, defence and aerospace industries. Kongsberg has almost 11,000 employees in 40 countries. Follow us on Twitter: @kongsbergasa.