Catena Media’s board of directors has resolved to exercise the company’s mandate to buy back up to 7,039,215 shares of the company’s own ordinary shares following the authorisation granted at an extraordinary general meeting of shareholders in July.
The board said it sees share buybacks as a way to enhance the company’s flexibility in distributing capital to shareholders and to promote more efficient capital usage. The board has also been authorised to approve the cancellation of repurchased shares at a later date.
Purchases of own shares will take place exclusively on Nasdaq Stockholm in accordance with Nasdaq Stockholm’s Rulebook for Issuers and in accordance with the authorisation granted at the EGM. The EGM’s authorisation may be utilised on one or more occasions until the 2022 annual general meeting, provided that the authorisation granted to the company at the EGM is for a maximum period of 18 months after the EGM date.
Shares may be repurchased to the extent that the company's holdings of its own shares do not exceed 10 percent of the company's total issued share capital. In no event may the company repurchase more than 7,039,215 shares of its own shares.
The group said: “Shares may also only be repurchased on any date at a price within the price interval recorded on Nasdaq Stockholm, meaning the interval between the highest buying price and the lowest selling price. However, the price at which shares may be repurchased may not exceed the lowest selling price, and may not be lower than the highest buying price, both as quoted on Nasdaq Stockholm at the time of the relevant repurchase.”