Cavotec SA has resolved to repurchase own shares.
The Board of Directors of Cavotec SA has resolved, pursuant to the Swiss Code of Obligations and the applicable rules for issuers on Nasdaq Stockholm to repurchase own shares. Acquisition of shares may only take place at a price within the price interval, on any occasion, recorded on Nasdaq Stockholm, which refers to the interval between the highest buying price and the lowest selling price.
As of the date of this press release, Cavotec holds 12,022 own shares and the number of issued shares in the company is 78,536,000. In the event of a fully executed share repurchase program, Cavotec will hold no more than 162,022 own shares.
Share repurchases shall be executed prior to 3 July 2016, and are subject to market conditions and regulations at any given time. Share repurchases shall be made either over Nasdaq Stockholm or directly through single shareholders and the share repurchases are subject to the limitations of Articles 659 and following of the Swiss Code of Obligations.
The purpose of the share repurchases is to acquire Cavotec shares that can be used in order to deliver shares to the participants in the Long Term Inventive Plan 2013 (“LTIP 2013”) and Long Term Inventive Plan 2014 (“LTIP 2014”) if the participants request delivery in shares. Share repurchases are considered by the Board of Directors to be the most efficient option in order for Cavotec to acquire the required number of shares for delivery under LTIP 2013 and LTIP 2014.
ENDS
Media & investor contact:
Michael Scheepers
Chief Communications Officer
michael.scheepers@cavotec.com or +41 795 024 010
The information in this release is subject to the disclosure requirements of Cavotec SA under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on 10 May 2016, 12:05 CEST.
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