UPPSALA, Sweden, Feb. 17, 2020 /PRNewswire/ -- The board of
Orexo AB (publ.) has resolved, pursuant to the authorisation
granted by the annual general meeting held on 11 April 2019, to initiate a repurchase program
of ordinary shares. The repurchases may comprise a maximum of
500,000 shares. Acquisition of shares may only take place at a
price within the price interval, on any occasion, recorded on
Nasdaq Stockholm, which refers to the interval between the highest
buying price and the lowest selling price.
As of the date of this press release, the company holds no
repurchased ordinary shares but 842,971 repurchased class C-shares
to enable future delivery of ordinary shares to the participants of
some of the company's long-term incentive programs. The total
number of outstanding ordinary shares in the company is 34,560,456.
In the event that the company repurchases the maximum number of
shares in accordance with the above, the company will own ordinary
shares representing no more than approximately 1.4 per cent of the
issued ordinary shares in the company (as well as own share
representing no more than approximately 3.7 per cent of all issued
shares in the company).
Repurchases of shares can be made from the date of this press
release until 15 April 2020 (the day
before the annual general meeting) and otherwise in accordance with
applicable regulations. The purpose of the share repurchases is to
promote efficient capital usage in the company and to provide
flexibility as regards the company's possibilities to distribute
capital to its shareholders, which altogether is deemed to be
susceptible to have a positive impact on the company's share price
and thereby contribute to an increased shareholder value.
The share repurchase program is being carried out in accordance
with the safe harbour regulation in the Market Abuse Regulation
(Regulation (EU) No. 596/2014 of the European Parliament and of the
Council on market abuse) and the Commission Delegated Regulation
(the Commission Delegated Regulation (EU) No 2016/1052
supplementing MAR with regard to regulatory technical standards for
the conditions applicable to buy-back programs and stabilization
measures). The share repurchase program will be managed by Danske
Bank that will make its trading decisions regarding the timing of
the share repurchases independently of the company.
For further information, please contact
Orexo AB (publ.)
Nikolaj Sørensen
President and CEO
Tel:
+46(0)18-780-88-00
E-mail: ir@orexo.com
Lena Wange
IR and Communications Manager
Tel: +46(0)18-780-88-00
E-mail: ir@orexo.com
About Orexo
Orexo develops improved pharmaceuticals and digital therapeutics
addressing unmet needs mainly within the growing space of
addiction. The products are commercialized by Orexo in the US or
via partners worldwide. The main market today is the American
market for buprenorphine/naloxone products, where Orexo
commercializes its lead product Zubsolv® for treatment of opioid
use disorder. Total net sales for 2019 amounted to SEK 845 million and the number of employees was
128. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) and is
available as ADRs on OTCQX (ORXOY) in the US. The company is
headquartered in Uppsala, Sweden,
where research and development activities are performed.
This information is information that Orexo AB (publ.) is obliged
to make public pursuant to the EU Market Abuse Regulation. The
information was submitted for publication, through the agency of
the contact persons set out above, at 8.00
am CET on 17 February
2020.
CONTACT:
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Orexo AB (publ.) has
resolved to carry out repurchases of own shares
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SOURCE Orexo