The Board of Loomis has resolved to continue to repurchase shares

Rhea-AI Summary

The Board of Directors of Loomis AB has resolved to continue repurchasing shares, authorized by the Annual General Meeting 2024. The repurchase will start on May 7, 2024, and end by June 24, 2024, with a maximum of SEK 200 million. Repurchases will be made on Nasdaq Stockholm within price intervals. Current own shares are 4,908,782, total shares 75,279,829. The repurchase is in line with the general meeting's authorization.

Positive

• Continued share repurchase indicates confidence in the company's future and potential growth.

• The repurchase could lead to an increase in earnings per share for existing shareholders.

• The repurchase may result in enhanced shareholder value and signal stability to investors.

Negative

• Large-scale repurchases could deplete company funds affecting expansion or future investments.

• Repurchasing shares may not always lead to a sustainable increase in stock price or long-term value.

• Dependence on stock repurchases for shareholder value might raise concerns about organic growth strategies.

STOCKHOLM, May 6, 2024 /PRNewswire/ -- The Board of Directors of Loomis AB has resolved to repurchase shares by virtue of the authorization granted by the Annual General Meeting 2024.

The repurchase may commence on May 7, 2024, end not later than on June 24, 2024, and comprise an amount up to a maximum of SEK 200 million. Repurchase shall be made on Nasdaq Stockholm, on one or more occasions, at a price within the prevailing price interval registered at each point in time (being the interval between the highest buying price and the lowest selling price). Payment for repurchased shares shall be made in cash. Danske Bank A/S, Danmark, Sverige Filial will administrate the repurchase and based on the trading order given by Loomis, take trading decisions independently of Loomis with regards to the timing of the acquisitions.

Reporting will be made via the stock exchange in accordance with applicable rules.

The repurchase is made for the purposes set forth in the general meeting's authorization.

The company's current holding of own shares amounts to 4,908,782. The total number of shares in Loomis, including the company's own shares, amounts to 75,279,829. As previously communicated, the Annual General Meeting 2024 resolved on the cancellation of 4,279,829 treasury shares that are held by the company. Following completion of the transaction, the total number of outstanding shares and votes in the company will amount to 71,000,000.

This press release is also available on the company's website, www.loomis.com. 

CONTACT:

Jenny Boström
Head of Sustainability and IR
Mobile: +46 79 006 45 92
Email: jenny.bostrom@loomis.com

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The Board of Loomis has resolved to continue to repurchase own shares

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SOURCE Loomis AB

FAQ

<p>When will the share repurchase by Loomis AB start and end?</p>

The share repurchase by Loomis AB will start on May 7, 2024, and end not later than June 24, 2024.

<p>What is the maximum amount allocated for the share repurchase by Loomis AB?</p>

The maximum amount allocated for the share repurchase by Loomis AB is SEK 200 million.

<p>How will the repurchase be conducted by Loomis AB?</p>

The repurchase will be conducted on Nasdaq Stockholm at a price within the prevailing price interval, managed by Danske Bank A/S, Danmark, Sverige Filial.

<p>What is the total number of shares in Loomis AB following the share repurchase?</p>

Following the share repurchase, the total number of shares in Loomis AB will amount to 71,000,000.