VALLETTA, Malta, Feb. 26, 2021 /PRNewswire/ -- Kindred Group's Board of Directors has decided to start exercising the buy-back mandate which was received at the EGM in June 2020. The buy-back programme will run between 1 March and 30 April 2021 and amounts to a total of up to SEK 190 million.
The Board of Directors of Kindred Group plc ("Kindred" or the "Company") has, empowered by a mandate received at the Extraordinary General meeting on 11 June 2020, decided to initiate a share buy-back programme. The purpose of the programme is to return excess cash to the Company's shareholders. The programme permits share repurchases being executed during the upcoming closed period ahead of the first quarter interim report publication.
The acquisition of shares shall take place on Nasdaq Stockholm or other regulated markets and shall be managed by an investment firm or a credit institution which makes its trading decisions in relation to Kindred's shares independently of, and without influence by, Kindred in accordance with the Maltese Companies Act, EU Market Abuse Regulation No 596/2014 ("MAR"), the EU Commission's delegated Regulation No 2016/1052 (the "Safe Harbour Regulation") and the applicable rules of Nasdaq's Nordic Main Market Rulebook for Issuers of Shares.
The buy-back programme decided by the Board of Directors shall meet the following terms:
- The maximum number of shares that can be repurchased is 2,000,000. The Company's holdings of its own shares may not at any time exceed 10 per cent of the total outstanding shares.
- The total share repurchases under the program may not exceed SEK 190,000,000.
- Share repurchases are to be made on Nasdaq Stockholm in accordance with the Nasdaq Nordic Main Market Rulebook for Issuers of Shares, MAR and the Safe Harbour Regulation.
- Share repurchases can be made from 1 March to 30 April 2021.
- 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.
- Payments for the shares are to be made in cash.
Following repurchase, the intention of the Board is to cancel the repurchased shares. The cancellation of shares requires approval by the annual general meeting and the Board of Directors intends to seek such approval at the annual general meeting in May 2021.
At the time of this announcement, the total number of outstanding shares in the company is 230,126,200 and Kindred's holding of own shares is 2,971,358.
This disclosure contains information that Kindred Group is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 26-02-202117:30 CET.
For more information:
Patrick Kortman, Head of Corporate Development & Investor Relations, +46 723 877 438
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