Net Insight Board of Directors Resolves to Repurchase Own Share
Net Insight announced that the board of directors has resolved to use the authorization given by the annual general meeting regarding repurchases of own shares.
The repurchases will be carried out in batches over time, not longer than up to the next annual general meeting. The execution of the repurchases will depend on market conditions and the repurchases are to be made in accordance with applicable rules.
Among other things, the number of shares repurchased on any given day, with the exception for any block transactions, cannot amount to more than 25% of the average daily volume during the four calendar weeks immediately preceding the week during which shares are repurchased. Repurchases may only be made at a price per share within the price range applicable, i.e. the range between the highest purchase price and the lowest selling price.
In line with the purposes set out in the authorization given by the annual general meeting, the repurchases are made to promote efficient capital usage in the company, to provide flexibility as regards the company’s possibilities to distribute capital to its shareholders and to provide hedging for the company’s option program.
Repurchases may be made of a maximum number of shares corresponding to five (5) percent of the total number of shares in the company, i.e. a maximum of 19,496,650 shares. As of today, Net Insight holds 2,775,000 own shares (treasury shares).