STOCKHOLM, April 29, 2022 /PRNewswire/ -- The Board of Directors in AB Electrolux has resolved to repurchase a maximum of 8,000,000 own series B shares on Nasdaq Stockholm during the period May 2, 2022 up to and including October 21, 2022 for a total maximum amount of SEK 1,250 million
Following the review of its' capital structure, communicated on July 19, 2021, the Board has decided to utilize the authorization granted by the AGM held on March 30, 2022 by launching a share buyback program for the period May - October 2022. The previous share buyback program was executed between October 28, 2021, and February 3, 2022.
The Board has previously communicated its intention to buy back shares over several years with the objective to further optimize the company's capital structure through subsequent share cancellations. The program of SEK 1,250 million is the first step to reach the aim of share buybacks amounting to approximately SEK 2.5 billion until the next AGM, as was announced in the Q4 report for 2021.
The share buyback program will be 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 share buyback program will be managed by Citigroup Global Markets Europe AG ("Citigroup") that, based on the trading order given by Electrolux to Citigroup, makes its trading decisions regarding timing of the acquisitions independently of Electrolux.
The share buyback program resolved by the Board of Directors is subject to the following terms:
The total number of shares in Electrolux is 283,077,393, of which 8,192,348 series A shares and 274,885,045 series B shares. At the time of this press release the company holds 5,049,115 own series B shares.
This is information that AB Electrolux 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 08.20 CET on April 29,2022.
For further information, please contact:
Sophie Arnius, Investor Relations, +46 70 590 80 72
Paul Palmstedt, Corporate Communications, +46 70 593 92 83
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The following files are available for download:
PRM 220429 Share buyback program May-Oct |