Equinor to commence third tranche of the 2023 share buy-back programme
London, 26 July, 2023, (Oilandgaspress) – Equinor (OSE: EQNR, NYSE: EQNR) will on 27 July 2023 commence the third tranche of the share buy-back programme for 2023 of around USD 1.67 billion, as announced in relation with the second quarter results on 26 July 2023.
The third tranche of the share buy-back programme for 2023 of around USD 1.67 billion includes shares to be redeemed from the Norwegian State and will end no later than 26 October 2023.
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 hence be cancelled.
According to an agreement between Equinor and the Norwegian State, a proportionate share of the Norwegian State’s shares of the third tranche will be redeemed and annulled at the annual general meeting in 2024, ensuring that the State’s ownership interest in Equinor remains unchanged at 67%.
The share buy-back programme for 2023 will be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the third tranche of 2023, Equinor is entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
In this third tranche, shares for up to around USD 550 million will be purchased in the market, implying a total third tranche of around USD 1.67 billion, including shares to be redeemed from the Norwegian State.
The execution of further tranches of the share buy-back programme for 2023 will be notified to the market.
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