Equinor to commence second tranche of the 2022 share buy-back programme
Equinor (OSE: EQNR, NYSE: EQNR) will commence on 16 May 2022 the second tranche of the share buy-back programme for 2022 of around USD 1.33 billion, as announced in relation with the first quarter results on 4 May 2022. Execution of share buy-back from May 2022 and until April 2023 is subject to renewal of such authorisation to the Board of Directors from the annual general meeting 11 May 2022.
The second tranche of the share buy-back programme for 2022 is around USD 1.33 billion, including shares to be redeemed from the Norwegian State, and will end no later than 26 July 2022. The annual share buy-back programme of USD 1.2 billion, introduced in June 2021, is expected to be executed when Brent Blend oil price is in or above the range of 50-60 USD/bbl, Equinor’s net debt ratio(1) stays within the communicated ambition of 15-30% and this is supported by commodity prices. Share buy-back can also be used more extensively to optimise capital structure.
The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will be cancelled.
According to an agreement between Equinor and the Norwegian State, the Norwegian State will participate in share buy-backs on a proportionate basis, ensuring that its ownership interest in Equinor remains unchanged at 67%.
The share buy-back programme for 2022 will be structured into tranches where Equinor will buy back a certain value in USD of shares over a defined period. For the second tranche for 2022, running from 16 May 2022 until no later than 26 July 2022, Equinor is entering into a non-discretionary agreement with a third party who will make its trading decisions independently of the company.
In this second tranche, shares for up to around USD 440 million will be purchased in the market, implying a total second tranche of around USD 1.33 billion including redemption of shares from the Norwegian State.
The execution of further tranches of the share buy-back programme for 2022 will be notified to the market.
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Key information relating to the cash dividend and extraordinary cash dividend to be paid by Equinor (OSE: EQNR, NYSE: EQNR) for first quarter 2022.
Cash dividend amount: 0.20
Extraordinary cash dividend: 0.20
Declared currency: USD
Last day including rights: 10 August 2022
Ex-date : 11 August 2022
Record date: 12 August 2022
Payment date: 26 August 2022
Other information: Cash dividend and extraordinary dividend per share in NOK will be communicated 18 August 2022.
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