Catena Media Announces SEK 55m Share Buyback Program
Catena Media plc’s board of directors has approved a new share buyback program, authorized by the extraordinary general meeting on July 12, 2023, following an initial resolution at the annual general meeting on May 24, 2023.
The execution of the share buyback program will be handled by an independent investment firm or credit institution, responsible for making trading decisions regarding the timing of the share repurchases, separate from Catena Media.
The objective of the buyback program is to enhance shareholder value and optimize the company’s capital structure by reducing the share capital. Catena Media intends to reduce the share capital through subsequent cancellation of the repurchased shares.
The share buyback program will be conducted in accordance with the Maltese Companies Act, the EU Market Abuse Regulation (EU No. 596/2014) (“MAR”), the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”), and the applicable rules outlined in Nasdaq’s Nordic Main Market Rulebook for Issuers of Shares.
According to the board’s resolution, the following terms and conditions will apply:
- Share acquisitions may occur on one or multiple occasions, starting from the announcement date until December 31, 2023.
- The maximum amount allocated for share repurchases is SEK 55 million.
- The repurchase of shares will be subject to the condition that Catena Media’s holdings of its own shares do not exceed 10 percent of the total issued share capital, with the maximum number of shares repurchased during the program set at 7,203,534 shares.
- Shares may only be repurchased at a price within the price range recorded on Nasdaq Stockholm, reflecting the interval between the highest buying price and the lowest selling price.
- Payment for the shares will be made in cash.
As of July 17, 2023, Catena Media holds 614,193, or 0.8 percent, of its own ordinary shares. The company currently has 78,769,812 outstanding shares.
Completed share repurchases will be reported in compliance with relevant laws, regulations, and Nasdaq Stockholm’s Rule Book for Issuers.
This share buyback program demonstrates Catena Media’s commitment to optimizing its capital structure and delivering value to its shareholders.