STOCKHOLM, June 20, 2017 /PRNewswire/ --
Swedish Match AB (publ) has resolved to repurchase shares during the period June 20, 2017 to July 21, 2017 of an amount up to 250 MSEK.
Swedish Match AB ("Swedish Match" or the "Company") has resolved to initiate a share buy-back program for a total amount of up to 250 MSEK up until July 21, 2017. This program forms part of Swedish Match's existing strategy to return excess cash to its shareholders. The program permits share repurchases being executed during the upcoming closed period ahead of the second quarter interim report release, as defined by the Market Abuse regulation. The program is communicated in accordance with applicable regulations.
Repurchased shares will be used to reduce Swedish Match's share capital by cancellation of shares. The program is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 ("MAR") and the Commission Delegated Regulation (EU) No 2016/1052 (the "Safe Harbour Regulation"). The buy-back program will be managed by a securities company or credit institution that makes its trading decisions regarding Swedish Match's shares independently of, and without influence by, Swedish Match with regards to the timing of the repurchases.
The buy-back program resolved upon by the Board of Directors shall meet the following terms:
1. Repurchases of shares are to be made on Nasdaq Stockholm and in accordance with Nasdaq Stockholm's Rule Book for Issuers and in accordance with MAR and the Safe Harbour Regulation.
2. Share repurchases can be made from June 20, 2017 to July 21, 2017.
3. Repurchases of shares on the Nasdaq Stockholm are to be made at a per-share price within the registered interval for the going rate at any given time, which denotes the interval between the highest and lowest selling price.
4. Shares for a total maximum amount of 250 MSEK may be repurchased.
5. A maximum of 18,180,000 shares may be repurchased. The Company's holding of its own shares may not at any time exceed 10 percent of the outstanding shares in the Company.
6. Payment for the shares is to be made in cash.
The total number of outstanding registered shares in Swedish Match AB amounts to 181,800,000. Swedish Match owned 1,535,690 own shares per June 19, 2017.
Senior Vice President and Chief Financial Officer
Senior Vice President Investor Relations and Corporate Sustainability
This information is information that Swedish Match AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:45 a.m. CET on June 20, 2017.
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SOURCE Swedish Match