Initiating offer to all shareholders of share buy back
With reference to the authorization given by the extraordinary general meeting of Otello Corporation ASA (the “Company”) on 27 January 2022 for the Company to acquire up to 10,000,000 shares in the Company, the Company hereby launches an offer to all shareholders in the Company to buy back up to 10,000,000 shares in Otello Corporation ASA (approximately 10% of the current outstanding shares in the Company) (the “Offering”).
The Company is, as previously communicated, committed to return cash to shareholders with a view to distributing all excess cash to its owners. The Board of Directors of Otello has thus decided to carry out a share buyback program. The shares purchased through the share buyback program may be used for prospective reductions of the share capital. The share buyback program will be carried out in accordance with applicable laws and regulations and information pertaining to the share buyback program will be disclosed by way of stock exchange notices.
The Company is at the release of the offer not in possession of material non-public information.