Kitron ASA - Initiation of share buyback program

Core Viewpoint - Kitron ASA has announced a share buyback program to acquire up to 16,000 shares for a total maximum amount of NOK 900,000, aimed at providing remuneration to board members for the upcoming period from May 2025 to April 2026 [1][2]. Group 1: Share Buyback Program Details - The buyback program will be executed in accordance with the EC Commission Delegated Regulation (EU) No. 2016/1052, which allows exemptions from market manipulation for share programs [2]. - The company has engaged Norne Securities AS to facilitate the share buybacks, which will be conducted under the authorization granted by the annual general meeting on 24 April 2025 [3]. - Up to 19,891,716 shares may be purchased at a minimum price of NOK 1 and a maximum of the prevailing market price, not exceeding NOK 100 per share [3]. Group 2: Execution and Market Conditions - All acquisitions will take place on Euronext Oslo Børs, and the execution of repurchases will depend on market conditions [4]. - The buyback program may be discontinued at any time, and the company reserves the right to terminate the program before reaching the specified threshold [4]. - As of the announcement date, Kitron does not hold any of its own shares [4]. Group 3: Company Overview - Kitron is a leading Scandinavian electronics manufacturing services company, serving sectors such as Connectivity, Electrification, Industry, Medical devices, and Defence/Aerospace [5]. - The company operates in multiple countries, including Norway, Sweden, Denmark, Lithuania, Germany, Poland, the Czech Republic, India, Malaysia, China, and the United States, employing approximately 2,400 people [5]. - Kitron reported revenues of EUR 647 million in 2024 [5].