The Board of Net Insight AB has approved a buyback program for own shares with a value of SEK 50 million in accordance with the mandate given by the 2023 Annual General Meeting. The program will commence on June 7, 2023, and run until the next annual general meeting. Within the mandate, the board is given capacity to, on one or more occasions, decide on repurchases of own shares amounting to at most 10% of the total number of shares in the company.
In its decision on the size of the program, the board has taken into account that the company is in an expansion phase within both product area Synchronization and Media, with expansions into new market segments and customer segments. The company remains well capitalized to deliver on the company’s strategic goals.
The purpose of the repurchases is to provide flexibility as regards the company’s capital structure and possibilities to distribute capital to its shareholders.
Net Insight has engaged Nordea Bank Abp to execute the repurchase program. Nordea Bank will decide on the repurchases, including their timing, based on irrevocable instructions and in full independence. All repurchases will be made in compliance with applicable price and volume limits.
At the time of this announcement, the number of outstanding shares in the company is 1,000,000 A shares and 367,758,009 B shares, 368,758,009 shares in total. It can be noted that a reduction of share capital with cancellation of shares is ongoing, whereby the amount of B shares will be reduced by 12,775,000.
For further information, please contact:
Joakim Schedvins, CFO of Net Insight AB, +46 8 685 04 00, joakim.schedvins@netinsight.net
About Net Insight
Net Insight (NASDAQ: NETI B) provides the highest performing, most open video transport and media cloud technology for content providers as the industry standard for flexibility and service across live contribution, distribution and remote production media workflows.
For over 25 years, the world’s leading content owners, broadcasters, production companies, service providers and enterprises have trusted Net Insight’s Emmy® Award winning Nimbra technology to guarantee media delivery. Today, Net Insight partners with hundreds of customers in over 70 countries to ensure media flows across managed and unmanaged IP networks, and the cloud – from anywhere, to everywhere. It enables customers to get the best from any mix of virtualized, cloud and IP technology and is the only platform to support all the major industry standards, protocols and clouds.
For more information, please visit netinsight.net
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