STOCKHOLM, June 18, 2018 /PRNewswire/ -- Based on the authorisation granted by the annual general meeting on 3 May 2018, the board of directors of Karo Pharma AB (the "Company" or "Karo Pharma") has resolved to repurchase shares in the Company to a maximum value of SEK 86,3 m. The purpose of the repurchase is to secure the Company´s obligation in relation to Karo Pharma's long-term share incentive programme. This decision shall apply in addition the previous decision regarding repurchase of own shares which was announced by the Company on 9 May 2018.
The repurchase will be carried out in accordance with the Regulation (EU) No 596/2014 of the European Parliament and the Commission Delegated Regulation (EU) 2016/1052 (the "EU regulations") and will be managed by Swedbank deciding on trading decisions, independent of Karo Pharma, regarding the timing of the repurchase.
The repurchases are subject to the following terms. Acquisitions of shares shall be conducted on Nasdaq Stockholm in accordance with its Rule Book for Issuers and in accordance with the EU regulations. The acquisitions will be performed on one or more occasions during the period until 31 August 2018, to a price within the registered range for the share price prevailing at the time, and in accordance with the Regulation (EU) 2016/1052 as regards to price.
A maximum of 2 464 990 shares may be acquired to a total value of maximum SEK 86,3 m. Payment for the shares shall be made in cash.
Reporting will be made to Nasdaq Stockholm in accordance with applicable rules. The transactions will also be made public and published on Karo Pharma's website www.karopharma.se.
Repurchase of shares may not result in Karo Pharma holding own shares, at any time, exceeding 10 per cent of the total number of shares in the Company. At the time of this press release, the total number of shares in the Company amounts to 164,332,782 and at this time Karo Pharma does not hold any own shares.
This decision applies in addition to the board of director's decision on 9 May 2018 regarding repurchase of own shares, which was announced through a press release by Karo Pharma on the same day.
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ABOUT KARO PHARMA
Karo Pharma is a Specialty Pharmaceutical company, which develops and markets products for pharmacies as well as directly to the healthcare sector. Karo Pharma is listed on Nasdaq Stockholm Mid Cap.
This information is information that Karo Pharma AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the above contact person´s agency, at 08:00 CEST on 18 June 2018. This press release is also available at www.karopharma.se and www.newsroom.cision.com.
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SOURCE Karo Pharma