Elettronica
Electrolux resolves on repurchase of own shares
"Electrolux financial position is strong and capable of providing the headroom to continue to develop the business, even after completion of the resolved share buybacks. The intention is to continue with share buybacks over time, which will further improve earnings per share, and also to continue to reduce Electrolux share capital through subsequent share cancellations," concludes Staffan Bohman .
Since July 19, 2021 , when the company announced an adjusted dividend policy of approximately 50% of annual income, the automatic share redemption of SEK 17 per share has taken place. Combined with the ordinary dividend this means that in total SEK 25 per share will be paid out to shareholders in 2021.
As communicated then, the Board's objective is to maintain a solid investment grade rating, as defined by leading rating institutes, meaning that over time the Group's net debt should not exceed two (2) times EBITDA.
The objective of the share buyback program is to optimize the company's capital structure and the intention is to reduce Electrolux share capital through subsequent share cancellations. The share buyback program will be 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 share buyback program will be managed by Exane BNP Paribas that, based on the trading order given by Electrolux to Exane BNP Paribas, makes its trading decisions regarding timing of the acquisitions independently of Electrolux.
The share buyback program resolved by the Board of Directors is subject to the following terms:
The total number of shares in Electrolux is 308,920,308, of which 8,192,498 series A shares and 300,727,810 series B shares. At the time of this press release the company holds 21,522,858 own series B shares. In the event share acquisitions are executed in full, the company will hold shares representing a maximum of 10 per cent of the outstanding shares in the company.
This disclosure contains information that Electrolux is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 27-10-2021 08:30 CET .
Sophie Arnius, Investor Relations, +46 70 590 80 72
Paul Palmstedt, Corporate Communications, +46 70 593 92 83
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/electrolux/r/electrolux-resolves-on-repurchase-of-own-shares,c3440930
The following files are available for download: