VEON Ltd., a global digital operator that provides converged connectivity and online services, announces its intention to voluntarily delist from Euronext Amsterdam (the Delisting).
VEON is also pleased to inform its shareholders and the investment community that it intends to initiate a buyback program for up to USD 100 million concerning its American Depositary Shares (ADS) following the Delisting.
Delisting process
The Delisting and the resulting sole listing on Nasdaq, a global index for technology companies, will simplify and streamline the Company’s reporting requirements.
VEON expects the Delisting process to take place in the fourth quarter of 2024, following and subject to the filing of its annual report on Form 20-F (the “20-F”). Further information about the process will be released following the filing of the 20-F, with a period of 30 to 40 days from the date of that announcement until the date of the Delisting.
smooth transition
VEON intends to initiate a buyback program for up to USD 100 million of its ADSs
VEON anticipates that the Delisting will be in the best interests of the Company as a whole, including both its current and potential investors; and would like to thank its Euronext Amsterdam investors for their support. The Company will endeavor to ensure a smooth transition for its shareholders during the Delisting process.
Following the completion of its transition to a sole listing on Nasdaq, VEON intends to initiate a buyback program for up to USD 100 million of its ADSs.
American Depositary Shares
The Company believes that its ADSs have been trading at a price which does not adequately reflect their value about the Company's current operations; and that the purchase of ADSs for other corporate purposes represents an opportunity.
The timing and specifics of the ADS buybacks will be determined by the Company's management and Board of Directors in due course, and will be subject to liquidity considerations, market conditions, applicable legal requirements, and other factors.