Oslo, 8 May 2023: Gram Car Carriers ASA ("GCC" or the "Company") has decided to
initiate a share buyback program of up to 300,000 of its own shares. Under the
share buyback program, shares may be acquired for a maximum amount of NOK 60
million in aggregate. The program shall be carried out in the period from this
announcement and until 31 August 2023 at the latest.
The purpose of the program is to give the board flexibility to use treasury
shares as settlement under the Company's incentive schemes or to reduce the
capital of the Company. Furthermore, shares acquired under the program may be
used by the Company in connection with investment within the Company's business
area or as settlement in potential acquisitions.
The share buybacks will be made in accordance with the authorizations granted to
the board of directors by GCC's annual general meeting on 12 May 2022, and
subject to and as proposed replaced by new authorizations by the annual general
meeting to be held on 12 May 2023.
The share buyback program will be carried out by way of repurchases of shares on
the Oslo Stock Exchange. GCC has engaged Fearnley Securities AS to carry out the
share buyback program on behalf of the Company. Fearnley Securities AS will make
its trading decisions independently of, and uninfluenced by, the Company.
The execution of any repurchases will depend on market conditions, the buyback
program may be discontinued at any time and the Company may resolve to terminate
the buyback program before the threshold set out above is reached. Further
announcements will be made if and when appropriate.
The share buyback program will be carried out in accordance with the Market
Abuse Regulation (EU) No 596/2014 (MAR) and the principles of Commission
Delegated Regulation (EU) No 2016/1052 (the Safe Harbour Regulation). Hereunder,
the number of shares acquired per day shall not exceed 25% of the average daily
trading volume in the 20 trading days preceding the relevant date of purchase.
For further information, please contact:
CEO Georg A. Whist
Telephone: +47 416 01 681
E-mail: georg.whist@gramcar.com
Head of Projects & IR: Mas Gram
Telephone: +47 954 10 093
E-mail: mas.gram@gramcar.com
About Gram Car Carriers:
GCC is the world's third-largest tonnage provider within the Pure Car Truck
Carriers (PCTCs) segment with 19 owned vessels, across the Distribution, Mid
-size and Panamax segments. The Company serves as a trusted provider of high
-quality vessels and logistics solutions ensuring safe, efficient and punctual
shipment of vehicles for a network of clients comprising of major global and
regional PCTC operators. To learn more, please visit gramcar.com.
This information is subject to the disclosure requirements pursuant to article 2
of the Safe Harbour Regulation and Section 5-12 the Norwegian Securities Trading
Act.