Ossur Hf : Share buy-back of 9,863,578 own shares for approx. USD 28.8 million

Announcement from Össur hf. nr. 20/2014
Reykjavík, 17 November 2014

Authorization:

The share buy-back transaction is initiated pursuant to the authorization granted to the Board of Directors by the Annual General Meeting in March 2014, which authorizes the Company to acquire treasury shares at a nominal value not exceeding 10% of the share capital. The purchase price shall be determined in accordance with the Icelandic law. The law currently states that the purchase price shall be the closing price on the market where the shares are purchased on the last trading day prior to the trade.

Volume and price:

Today the Company purchased 9,863,578 of own shares (approx. 2.2% of outstanding shares) on Nasdaq Iceland at a share price of ISK 364 (approx. DKK 17.5). The total purchase price is approx. ISK 3,590 million (approx. DKK 172 million or approx. USD 28.8 million).   

Purpose:

The purpose of the share buy-back transaction is to adjust the capital structure in line with the Company's desired capital level of net interest bearing debt in accordance the Company's Dividend Policy. Accordingly, the Company intends to propose to the Annual General Meeting in 2015 to decrease the share capital as a result of this transaction.

Contact persons:

Jón Sigurðsson, President & CEO                                                       Tel: +354 515 1300

Sveinn Sölvason, CFO                                                                        Tel: +354 515 1300

Eva Sóley Guðbjörnsdóttir, VP of IR                                                    Tel: +354 664 1155