Byggmax Group initiates a share buy-back program
The Board of Directors of Byggmax Group AB (“Byggmax” or the “Company”) has decided to exercise the authorization granted by the Annual General Meeting on May 6, 2021 and initiate repurchases of own shares. The maximum amount for which shares may be repurchased may not exceed SEK 200 million.
Byggmax currently has a strong financial position. Despite investments in organic growth, add-on acquisitions and dividends to shareholders, cash flow from operations has further strengthened the company’s financial position, compared to the same period last year (second quarter). The introduction of a share buy-back program aims to adapt the company’s capital structure and contribute to increased shareholder value. Byggmax will also after the repurchase of own shares have a strong financial position that enables the company’s growth strategy going forward.
The buy-back 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 an investment firm or credit institution that makes its trading decisions regarding the timing of the buy-backs of the Company’s shares independently of and without influence from Byggmax.
The buy-back program is subject to the following conditions:
- The amount paid for acquired shares may not exceed SEK 200 million in total.
- A maximum of 3,049,900 shares may be acquired.
- Acquisition of shares may be carried out from September 20, 2021 to the date of the 2022 Annual General Meeting.
- Acquisition of shares shall take place on Nasdaq Stockholm and take place in accordance with the rules concerning the purchase of own shares set out in Nasdaq's Nordic Main Market Rulebook for Issuers of Shares, and in accordance with MAR and the Safe Harbour Regulation.
- Acquisition of shares on 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 purchase price and the lowest selling price.
- In accordance with the authorization from the 2021 Annual General Meeting, the Company's holding of own shares may not exceed five percent of the Company's outstanding shares.
- Payment for the shares must be made in cash.
It is the Board's intention to propose that the repurchased shares will be withdrawn through a reduction in the share capital.
Reporting will take place to Nasdaq Stockholm in accordance with current rules. The transactions will also be published on the Company's website.
The Company's current holding of own shares is 0. The total number of outstanding shares in the Company is 60,999,045.
For further questions, please contact:
Helena Nathhorst, CFO
Tel: +46 76-119 00 40
Mattias Ankarberg, CEO Byggmax Group
Tel: +46 76-119 09 85
This information is information that Byggmax Group AB 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 20:50 CET on September 15, 2021.