Hafnia Limited (“Hafnia” or the “Company,” OSE ticker: “HAFNI,” NYSE ticker: “HAFN”) refers to its November 27, 2024, announcement regarding the financial report for Q3 2024 and the Board’s decision to authorize a share buyback program of up to USD 100 million (the “Authorization”). The program will run from December 2, 2024, to January 27, 2025, subject to market conditions.
To execute the Authorization, Hafnia has entered into an agreement with Pareto Securities AS and its subsidiary, Pareto Securities Inc. (collectively, “Pareto”), for the repurchase of shares via open market transactions on the Oslo Stock Exchange (OSE) and the New York Stock Exchange (NYSE). Pareto will independently decide the timing of the purchases.
In compliance with the European Market Abuse Regulation, Hafnia provides the following details:
- The Company may repurchase up to 18,000,000 shares for a total of up to USD 100 million during the period from December 2, 2024, to January 27, 2025.
- The purpose of the repurchase program is to reduce the Company’s outstanding shares and enhance shareholder returns.
Share repurchases on the NYSE will adhere to U.S. securities laws, including Rule 10b-18 of the U.S. Securities Exchange Act of 1934. Factors influencing the repurchases include timing, volume restrictions, price, market conditions, and other strategic considerations. Hafnia cannot guarantee the number of shares that will be repurchased or the timing and price of such repurchases.
Funds allocated to the buyback program will be considered when declaring future dividends, ensuring alignment with the Company’s payout ratio under its dividend policy. This approach balances shareholder value with strategic flexibility.
Hafnia reserves the right to amend the program’s terms, including modifications such as shortening or extending the program, or adopting alternative repurchase methods. These may include privately negotiated purchases, block trades, tender offers, accelerated share repurchases, derivative transactions, or a combination of these methods.
This announcement is made in accordance with Section 5-12 of the Norwegian Securities Trading Act and Article 5 of the European Market Abuse Regulation.