VALLETTA, Malta, May 16, 2018 /PRNewswire/ -- The Board of Kindred Group plc has decided to start exercising the buy-back mandate which was received at the Annual General Meeting on 15 May 2018.
The authority received on 15 May 2018 was regarding the buy back of a maximum number of 23,012,620 GBP 0.000625 Ordinary Shares/SDR´s in the Company.
Acquisitions can be made as of 16 May 2018 until next year's Annual General Meeting. However, no acquisitions will be made during a 30-day period prior to the publication of quarterly results.
Acquisitions of shares/SDRs may only take place on Nasdaq Stockholm at a price within the at each time prevailing price interval, being the interval between the highest buying price and the lowest selling price.
Notification of any purchases will continuously be made to the Nasdaq Stockholm.
The objective of the buyback is to achieve added value for the Company´s shareholders and to give the Board increased flexibility with the Company´s capital structure.
Following repurchase the intention of the Board is to either cancel, use as consideration for an acquisition or issue to employees under a Share Incentive programme.
Once repurchased under the Maltese Companies Act further shareholder approval will be required if the shares are to be cancelled.
If used in connection with an acquisition, the intention would be to issue the shares/SDR´s as consideration, and not to sell them first.
The total number of issued shares/SDRs in Kindred Group is 230,126,200 of which 2,267,446 shares/SDRs are held by the Company as a result of share buy back programmes in 2007, 2011 and 2016.
Board of Directors
Kindred Group plc
This information is such that Kindred Group plc is required to disclose under the EU Directive of Market Abuse Regulation.
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SOURCE Kindred Group