Subject to approval at the Annual General Meeting scheduled on
The remainder of the cash proceeds, approximately
For more information on the Adevinta Offer and Media Transaction, please refer to the stock exchange announcements published
Key highlights of the capital return package
- After closing of the Adevinta Offer and the Media Transaction, which are both expected for the second quarter 2024, Schibsted is expected to receive approximately
NOK 29 billion of cumulative cash proceeds (the “Transactions Proceeds”) - In line with its focus on shareholder returns and a strong financial position, Schibsted intends to use most of the Transactions Proceeds to return capital to its shareholders, and partially to strengthen its balance sheet
-
The capital return to shareholders will be implemented through a package consisting of a special dividend of approximately
NOK 20 billion and a multi-year share buyback programme of approximatelyNOK 4 billion in total - Schibsted intends classifying part of the proposed special dividend as repayment of capital, which is exempt from Norwegian withholding tax
-
The remainder of the Transactions Proceeds of approximately
NOK 5 billion is intended to be primarily used for reducing Schibsted’s net interest-bearing debt to further strengthen its financial position -
The proposed capital return package remains subject to approval at Schibsted’s Annual General Meeting scheduled on
26 April 2024
“This is another important milestone for Schibsted, following the substantial value creation over the last two decades, where we have pioneered digitalisation in the news media and online classifieds industries, creating both a family of digital brands with unparalleled reach and impact in the Nordic countries, and
Details and timeline of the capital return package
Subject to approval at the Annual General Meeting scheduled on
The remainder of the Transactions Proceeds, approximately
Schibsted currently has approximately
As the 2023 annual accounts limit Schibsted’s existing dividend capacity to approximately
Subject to approval at the Annual General Meeting and approval of the interim balance sheet for the first half of 2024 by an Extraordinary General Meeting, Schibsted intends to launch the first tranche of the share buyback programme, amounting to up to approximately
Next steps and preliminary timetable
- Q2 2024:
- Approval of the capital return package and Media Transaction at the Annual General Meeting, scheduled on
26 April 2024 - Closing of the Adevinta Offer and the Media Transaction expected
-
Subject to approval by the Annual General Meeting, payment of the first tranche of the special dividend, amounting to approximately
NOK 18 billion , as soon as practicable following settlement of the Adevinta Offer
- Approval of the capital return package and Media Transaction at the Annual General Meeting, scheduled on
-
Q3 2024:
- Extraordinary General Meeting to approve interim balance sheet and second tranche of the special dividend
-
Subject to approval by an Extraordinary General Meeting, payment of the second tranche of the special dividend, amounting to approximately
NOK 2 billion -
Subject to approval by an Extraordinary General Meeting of the interim balance sheet, intention to launch first tranche of share buyback programme, amounting to up to approximately
NOK 2 billion
Investor and analyst call
A video conference call related to the proposed capital return package for investors and analysts will be held today,
https://schibsted.zoom.us/j/88187760438?pwd=3oHPBDgpubGHY5hWmkUYUkTG5VVwEK.1
Meeting ID: 881 8776 0438
Passcode: 314479
Advisors
Schibsted appointed
Disclaimer
Disclosure regulation
This information is considered to include inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This
Contacts
VP, Head of Investor Relations
+47 941 00 835
jbm@schibsted.com
VP, Head of Group Communication
+46 70 206 77 86
daniel.frykholm@schibsted.com
Øyvind Vormeland Salte
Communication Director,
+47 992 39 021
oyvind.salte@schibsted.com
Attachments
- Download announcement as PDF.pdf
- Investor Presentation.pdf
© NTB Norway, source