Com Hem repurchases own shares
On May 21, 2015, the Board of Directors of Com Hem Holding AB (publ) resolved to exercise the authorization to resolve on repurchase of shares that was given by the Annual General Meeting the same day.
The Board of Com Hem Holding AB (”Com Hem” or the ”Company”) has today resolved to initiate share buyback programs for a total amount of up to SEK 1,500 million up until the next Annual General Meeting. The purpose of the program is distribution of funds to the shareholders and together with the ordinary dividend of SEK 1 per share, Com Hem has allocated SEK 1,700 million to be repaid to its shareholders.
Com Hem’s share capital will be reduced by cancelling the shares that has been repurchased. The programs are being carried out in accordance with the European Commission’s ordinance (EC) No 2273/2003 of December 22, 2003 (the “EC ordinance”) and will be managed by a securities company or credit institution that makes its trading decisions regarding Com Hem’s shares independently of, and without influence by, Com Hem with regard to the timing of the repurchases.
The first share buyback program the Board now has resolved upon will meet the following terms:
- Repurchases of shares are to be made on Nasdaq Stockholm and in accordance with Nasdaq Stockholm’s Rule Book for Issuers and in accordance with the EC ordinance.
- Share repurchases can be made during the period May 22, 2015 and July 10, 2015.
- Repurchases of shares on the Nasdaq Stockholm Exchange 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 and lowest selling price.
- Shares for a total maximum amount of MSEK 200 may be repurchased (including any possible block transactions carried out in accordance with what is stated below), of which shares for a maximum amount of MSEK 150 may be purchased for the period ending 30 June 2015, and for a maximum amount of MSEK 50 thereafter.
- A maximum of 20,664,337 shares may be repurchased. The Company’s holding of its own shares may not at any time exceed 10 per cent of the outstanding shares in the Company.
- Payment for the shares is to be made in cash.
The Board intends to, after the program above expires on July 10, 2015 and up until the following Annual General Meeting, return with additional buyback programs to be carried out in accordance with the EC ordinance.
The Board has also resolved on the possibility to, up until the following Annual General Meeting, make repurchases through block transactions, that will not be made in accordance with the exemption in the EC ordinance. Repurchases of shares are to be made on Nasdaq Stockholm and in accordance with Nasdaq Stockholm’s Rule Book for Issuers, for a consideration in cash, at a per-share price within the registered interval for the going rate at any given time, which denotes the interval between the highest and lowest selling price. Repurchases may not result in that the Company’s holding of its own shares, at any time, exceeds 10 per cent of the outstanding shares in the Company.
The total number of shares in Com Hem amounts 206,643,376. Com Hem does currently not own any of its own shares.
For queries, please contact:
Petra von Rohr, Director IR & Corporate Communications
Tel: +46(0)734 39 06 54
Fredrik Hallstan, Head of PR
Tel: +46(0)761 15 38 30
Com Hem Holding AB discloses the information provided herein pursuant to the Swedish Securities Markets Act (2007:528) and/or the Swedish Financial Instruments Trading Act (1991:980). The information was submitted for publication at 18:45 CET on May 21, 2015.
About Com Hem
Com Hem is one of Sweden’s leading suppliers of high-speed broadband, television and fixed-telephony. Approximately 40% of Sweden’s households are connected to Com Hem’s network, with access to the market’s broadest range of television services. Com Hem offers broadband speeds up to 500 Mbps to 1.9 million households which is more than any other operator. Since 2013 Com Hem has a competitive B2B-offer of broadband and telephony services. Com Hem was founded in 1983, has approximately 1,100 employees and its head office is in Stockholm. Operations are run through three subsidiaries; Com Hem AB, Phonera Företag AB and iTUX Communication AB. Com Hem’s shares are listed on Nasdaq Stockholm. For more information, visit: www.comhemgroup.com.