Kindred Group utilises authorisation to repurchase own shares
Kindred Group's Board of Directors has initiated a share buy-back program following the mandate from the Extraordinary General Meeting on June 10, 2022. The program aims to return excess cash to shareholders from August 1, 2022 until the next Annual General Meeting. The maximum number of shares to be repurchased is 23 million, and the program complies with Nasdaq Stockholm rules and EU regulations. The intention is to cancel repurchased shares. As of the announcement, Kindred holds 9,966,474 shares out of a total of 230,126,200.
- Initiation of a share buy-back program to return excess cash to shareholders.
- Potential increase in shareholder value by reducing the number of outstanding shares.
- None.
VALLETTA, Malta, Aug. 1, 2022 /PRNewswire/ -- Kindred Group's Board of Directors has decided to start exercising the buy-back mandate which received at the Extraordinary General Meeting on 10 June 2022. Share repurchases may take place during the period between 1 August 2022 and up until the next Annual General Meeting.
The Board of Directors of Kindred Group plc ("Kindred" or the "Company") has, empowered by a mandate received at the Extraordinary General Meeting on 10 June 2022, decided to initiate a share buy-back programme. The purpose of the programme is to return excess cash to the shareholders in line with the Kindred's distribution policy.
Share repurchases can be made during the period 1 August 2022 until the next Annual General Meeting. However, no share repurchases will be executed during the closed periods ahead of the publication of quarterly reports.
Share repurchases are to be made on Nasdaq Stockholm in accordance with the Nasdaq Nordic Main Market Rulebook for Issuers of Shares, Maltese Companies Act and EU Market Abuse Regulation No. 596/2014 ("MAR"). Share repurchases are to be made at a price per share within the recorded interval, i.e. the interval between the highest buying price and the lowest selling price. Payment for the shares shall be made in cash.
Notification of any share repurchases will continuously be made to Nasdaq Stockholm and for information about the transactions please see: http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares
The maximum number of shares/SDRs that can be repurchased is 23,000,000 and the Company's holdings of its own shares/SDRs may not at any time exceed 10 per cent of the total outstanding shares. At the time of this announcement, the total number of issued shares in the Company is 230,126,200 and Kindred's holding of own shares/SDRs is 9,966,474.
Following repurchase, the intention of the Board is to cancel the repurchased shares/SDRs.
This disclosure contains information that Kindred Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU No. 596/2014). The information was submitted for publication, through the agency of the contact person, on 01-08-2022 07:30 CET.
CONTACT:
Patrick Kortman, Director - Corporate Development & Investor Relations, +46 723 877 438
Linda Lyth, Investor Relations Manager, +46 767 681 337
ir@kindredgroup.com
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Press release - Share buy-back programme 1 August 2022 |
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SOURCE Kindred Group
FAQ
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