VivoPower International Announces Board Approval of Share Repurchase Program and Appointment of Carl Weatherley-White as Chief Financial Officer

• Authorization to purchase up to $10 million of shares over two years

LONDON, Feb. 23, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC ("VivoPower" or the "Company") (NASDAQ:VVPR), a global next generation solar power company, today announced that its board of directors has authorized the Company to purchase up to $10 million of the Company's ordinary shares, or approximately 15% of its outstanding ordinary shares, over the next two years. The repurchase program is subject to the Company's receipt of shareholder approval at a general meeting of shareholders to be held in March 2017.  The Company expects to post notice of this general meeting to shareholders within the next week. 

Under the program, shares may be purchased in open market transactions, including through block purchases, through privately negotiated transactions, or pursuant to any trading plan (a "10b5-1 Plan") that may be adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the "Exchange Act"). A 10b5-1 Plan allows a company to repurchase its shares at times when it otherwise might be prevented from doing so under the securities laws or because of self-imposed trading blackout periods. The Company expects to enter into a 10b5-1 Plan with Oppenheimer & Co., Inc. ("Oppenheimer") pursuant to which Oppenheimer will be authorized on the Company's behalf to purchase the Company's ordinary shares. Because the repurchases under the 10b5-1 Plan will be subject to pricing parameters, there is no guarantee as to the exact number of shares that will be repurchased pursuant thereto, or that there will be any repurchases pursuant to the plan.

The timing, manner, price and amount of any repurchases will be determined in the Company's discretion and the share repurchase program may be suspended, terminated or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares, and all open market repurchases will be made in accordance with Exchange Act Rule 10b-18, which sets certain restrictions on the method, timing, price and volume of open market share repurchases.  

The Company also announced the appointment of Carl Weatherley-White as the Company's Chief Financial Officer. Mr. Weatherley-White, formerly the Company's Group Finance Director, replaces David Pilotte, who is retiring but will continue with the Company during a transition period.