Kindred Group sanctions £9m share buy-back
Operator continues with buy-back programme after purchasing more than one million shares in February
Kindred Group has agreed to repurchase a total of 1.05 million shares as part of the group’s buy-back programme initiated on 1 August 2022.
The Stockholm-listed giant confirmed it repurchased the shares between 9 to 28 February 2023 at an average price of SEK109.63.
In total, Kindred parted with SEK115.1m (£9.2m) as it looks to return excess cash to its shareholders.
Following the transactions in February, Kindred confirmed it now holds 13,209,479 shares out of a total of 230,126,200 issued by the business.
The buy-back scheme began in August, with the operator noting the transaction would be limited to a maximum repurchase of 23 million shares.
The transaction was given the green light by the Kindred board at the extraordinary general meeting (EGM) in June.
In August, Kindred held 9,966,474 shares in the company.
Following the news, the operator’s share price closed at SEK114 on 1 March, up from a previous close of SEK113.95.