Buybacks

Share buybacks and changes in number of registered shares.

Number of shares NOK million Total number of shares
Initial Public Offering 4 Dec 2000 1 802 151 899
Share buyback 2003-2004
Repurchased in the open market for cancellation 12 810 000 620
Redemption of shares from Norwegian state 14 531 792 695
Cancellation of addional treasury shares 28 103 172
Shares for cancellation following AGM in May 2004 55 444 964 1 316 1 749 272 646
Share buyback 2004-2005
Repurchased in the open market for cancellation 20 191 700 1 014
Redemption of shares from Norwegian state 23 672 725 1 185
Shares for cancellation following AGM in May 2005 43 864 425 2 199 1 706 570 293
Share buyback 2005-2006
Repurchased in the open market for cancellation 12 105 182 653
Redemption of shares from Norwegian state 14 190 541 766
Shares for cancellation following AGM in May 2006 26 295 723 1 419 1 680 274 570
Share buyback 2007-2008
Repurchased in the open market for cancellation 10 305 222 1 149
Redemption of shares from Norwegian state 12 080 502 1 347
Shares for cancellation following AGM in May 2008 22 385 724 2 495 1 657 888 846
Share buyback 2010-2011
Repurchased in the open market for cancellation 22 877 098 2 156
Redemption of shares from Norwegian state 26 818 135  2 528
Shares for cancellation following AGM in May 2011 49 695 233 4 684 1 608 193 613
Share buyback 2011-2012
Repurchased in the open market for cancellation 22 209 858 2 020
Redemption of shares from Norwegian state 26 035 950 2 369
Shares for cancellation following AGM in May 2012 48 245 808 4 389 1 559 947 806
Share buyback 2012-2013
Repurchased in the open market for cancellation 19 943 900 2 235
Redemption of shares from Norwegian state 23 379 635 2 620
Shares for cancellation following AGM in May 2013 43 323 535 4 856 1 516 624 271
Share buyback 2013-2014
Repurchased in the open market for cancellation 6 981 748 919
Redemption of shares from Norwegian state 8 184 493 1 048
Shares for cancellation following AGM in May 2014 15 166 241 1 966 1 501 458 030
Share buyback 2017-2018
Repurchased in the open market for cancellation 13 810 438 2 382
Redemption of shares from Norwegian state 16 189 561 2 734
Shares for cancellation following AGM in May 2018 29 999 999 5 116 1 471 458 031
Share buyback 2018-2019
Repurchased in the open market for cancellation 13 350 090 2 129
Redemption of shares from Norwegian state 15 649 909 2 380
Shares for cancellation following AGM in May 2019 28 999 999 4 509 1 442 458 032
Share buyback 2019-2020
Repurchased in the open market for cancellation 19 794 961 3 571
Redemption of shares from Norwegian state 23 205 038 4 186
Shares for cancellation following AGM in May 2019 42 999 999 7 757 1 399 458 033

About buybacks in Telenor

Prior to any share buybacks the Management and the Board of Telenor reviews the Group’s cash flow and capital allocation priorities, such as dividends, total shareholder remuneration, leverage and credit profile.

Historically, Telenor Group’s Annual General Meetings (AGM) have been held in May every year, where the Board of Telenor, if deemed appropriate, has asked shareholders for authorisation to acquire own shares for cancellation. Shares have then been repurchased throughout the year until May the year after, whereby the repurchased shares are cancelled, subject to approval by shareholders

Furthermore, the Norwegian state as Telenor’s largest shareholder, has historically participated in the share buybacks on a proportionate basis by way of redeeming such a number of shares so that the Norwegian state’s ownership in Telenor has been unaffected.

The shares that are repurchased by Telenor in the open market have immediate cash effect whereas the redeemed pro rata shares from the Norwegian state have been paid by Telenor simultaneously with the capital reduction, estimated to occur in July-August following the May AGM.