Kindred Group triggers SEK190m share buyback programme
Stockholm-headquartered operator aims to return excess cash to shareholders
Kindred Group has kicked off a two-month share repurchase programme to buyback shares totalling SEK190m (£16.1m) from existing shareholders.
It is understood the purpose of the programme is to return excess cash back to those shareholders, with all trades taking place either through Nasdaq Stockholm or locally regulated stock exchanges.
The Stockholm-headquartered operator was given a mandate to make the purchase at the firm’s EGM meeting on 11 June 2020.
Under the buyback programme, a maximum of two million shares can be repurchased. Kindred is not permitted to hold more than 10% of the total outstanding shares in the business.
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, with all payments to be made in cash.
Kindred has said it plans to cancel the repurchased shares once approval is received at the firm’s AGM in May.
Kindred currently owns 2,971,358 shares in the business, representing just over 1% of total issued share capital.