The Board of Directors (the "Board") of Otello Corporation ASA (the "Company")
strongly believes that the Company's shares are trading at a substantial
discount to the Net Assets Values of the Company. Consequently, and in order to
return capital to shareholders, the Board has decided to initiate a share
buyback program by utilizing the authorization as granted by the 2024 Annual
General Meeting (AGM). Transactions will be carried out by market purchases in
accordance with applicable laws and be executed based on the market price on the
Oslo Stock Exchange. The maximum consideration to be paid for shares acquired
under the buyback program is NOK 15 per share and the maximum number of shares
that can be purchased is 4 554 986 shares (5% of total outstanding shares). The
program will be initiated as from today and expire no later than at the 2025
AGM.
Otello is entering into a non-discretionary agreement with a third party who
will make its trading decisions independently of, and uninfluenced by, Otello.
Transactions will be conducted in accordance with the Market Abuse Regulation
(EU) No 596/2014 ("MAR") and Commission Delegated Regulation (EU) No 2016/1052
("Safe Harbour Regulation") as further set out i.a. in the Norwegian Securities
Trading Act of 2007 and the Oslo Stock Exchange's Guidelines for buy-back
programs and price stabilization dated February 2021. Transactions will be
reported on a weekly basis.
Scott Kerrison, CFO
Phone: +47 413 75 867
E-mail: scott.kerrison@otellocorp.com