Opera completes repurchase of shares from 360
360 has sold all its 46.75 million shares, the equivalent of 23.4 million ADSs or a 20.6% ownership stake in Opera, and is no longer a shareholder in Opera. 360's representative on Opera's Board of Directors, Mr.
Opera's total outstanding shares is thereby reduced to an ADS equivalent of 89,761,299 as of today, with each outstanding share now representing 26% more ownership of Opera than it did before the transaction closed.
"Today we are taking another step aimed at re-establishing a connection between what we believe is the intrinsic value of Opera and our market price", said Mr.
Since its IPO in 2018 Opera has repurchased 33.7 million ADS equivalents, including both open market purchases and today's announced transaction. This represents 28% of total ADS equivalents outstanding after the IPO and 2019 follow-on offering.
With the exit of 360's representative on Opera's Board of Directors, two new Directors have been appointed. Mr.
The transaction does not affect Opera's ongoing share repurchase program. Approximately
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