Lundin Petroleum to repurchase shares

Lundin Petroleum to repurchase shares

The Annual General Meeting (“AGM”) of Lundin Petroleum AB (“Lundin Petroleum”) held on 8 May 2013 resolved to authorise the Board of Directors to decide on repurchases and sales of Lundin Petroleum shares on the NASDAQ OMX Stockholm Exchange or the Toronto Stock Exchange (the “Exchanges”) during the period until the next AGM. The maximum number of shares repurchased shall be such that Lundin Petroleum shares held in treasury from time to time do not exceed five per cent of all outstanding shares of Lundin Petroleum. Repurchases of shares on the Exchanges may take place only at a price within the spread between the highest bid price and lowest ask price as registered from time to time on the Exchanges.
The purpose of the authorisation is to provide the Board of Directors with an instrument to optimise Lundin Petroleum’s capital structure and thereby create added value for the shareholders, and to secure Lundin Petroleum’s obligations under its incentive plans.
Lundin Petroleum’s current holding of Lundin Petroleum shares amounts to 7,368,285 shares.
The Board of Directors has, based on the authorisation by the AGM, resolved to mandate management to execute repurchases of Lundin Petroleum shares on the Exchanges, during the period from 4 June 2013 until 31 July 2013. The repurchase of shares on the Exchanges may take place only at a price within the spread between the highest bid price and lowest ask price as registered from time to time on the Exchanges and shall comply with the prevailing rules of the Exchanges regarding repurchases of shares.
The mandate does not include the authorisation to sell any repurchased shares.
Source: Source: lundin-petroleum.com
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