Kinnevik resolves to repurchase own shares
Investment AB Kinnevik (publ) ("Kinnevik") today announced that its Board of Directors has resolved to utilize the authorization granted by the 18 May 2015 Annual General Meeting and to initiate a SEK 500m share repurchase program to be carried out between 15 February 2016 and 23 March 2016.
Kinnevik's decision to repurchase its shares is in line with the company's long term objective to create shareholder value. The purpose of the repurchase program is to reduce the share capital of Kinnevik.
The share repurchase program will be carried out in accordance with the European Commission's ordinance (EC) No. 2273/2003 of December 22, 2003 (the "EC Ordinance") and will be managed by a credit institution that will make purchase decisions independently from Kinnevik with respect to the timing of such purchases.
The repurchase program will be subject to the following conditions:
The Board of Directors has also resolved on the possibility to, up until the next Annual General Meeting, make repurchases through block transactions, which will not be made in accordance with the exemption in the EC ordinance. Repurchases of shares are to be made on Nasdaq Stockholm and in accordance with Nasdaq Stockholm's Rule Book for Issuers, for a consideration in cash, 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. Repurchases may not result in Kinnevik's holding of its own shares at any time exceeding 10 percent of all shares in the company.
The total number of shares in Kinnevik amounts to 277,768,190. Kinnevik currently holds 377,320 own shares. The Board of Directors intends to propose to the 2016 Annual General Meeting that the share capital in the company be reduced by cancelling the repurchased shares.
The information is of such character, which Kinnevik shall disclose in accordance with the law on Trading with Financial Instruments (1991:980) and/or the Securities Market Act (2007:528). The information was distributed for disclosure at 08.00 CET on 11 February 2016.
For further information, visitwww.kinnevik.com or contact:
|Torun Litzén, Director, Investor Relations
|Phone +46 (0)8 562 000 83
|Mobile +46 (0)70 762 00 83
Kinnevik is an entrepreneurial investment group focused on building digital consumer businesses. We work in partnership with talented founders and managers to create, invest in and lead fast growing digital businesses both in developed and developing countries. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik's shares are listed on Nasdaq Stockholm's list for large cap companies under the ticker codes KINV A and KINV B.Press release
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kinnevik via Globenewswire