PGS ASA is set to initiate a share buyback program which will occur from August 14 to August 18, covering settlement of performance based restricted stock units granted under the company’s Long Term Incentive Plan for employees. (Source: Shutterstock.com)
PGS ASA is set to initiate a share buyback program which will occur from August 14 to August 18, covering settlement of performance based restricted stock units granted under the company’s Long Term Incentive Plan for employees.
The buy-back program, which will be for a maximum of 1.6 million PGS shares—or an aggregate amount of up to NOK 13 million—will be conducted in accordance with the authorization to purchase treasury shares given to the Board of Directors by the Company’s Annual General Meeting held in April 2023. The shares purchased under this program will be used in connection with the company’s Long Term Incentive Plan for employees.
The number of shares purchased per day shall not exceed 25% of the average daily trading volume for the 20 days preceding the day of the purchase. DNB Markets AS will carry out the share buyback program on behalf of PGS.
The shares will be bought back in accordance with the requirements in Commission Delegate Regulation (EU) No 2016/1052 of March 8, 2016 and Regulation (EU) No 697/2014.
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