Concentric AB acquires own shares
Under the authorisation from the annual general meeting 2018, the board of Concentric AB (publ) (“Concentric”) has decided to buy back own shares on Nasdaq Stockholm. The repurchases are made on the purposes determined by the annual general meeting, i.e. to be able to improve the company’s capital structure and to enable share transfers in accordance with the board’s proposals for authorisation for the board to transfer own shares and for previous and proposed resolution on transfer of own shares to participants in LTI 2015 - 2018, to increase the flexibility for the board in connection to potential future corporate acquisitions, as well as to cover costs for LTI 2015-2018 and enable delivery of shares in accordance with LTI 2015-2018.
Any acquisition of shares will take place before the annual general meeting 2019 and shall cover no more than 4,003,110 shares, i.e. 10 per cent of the total number of shares in Concentric. The shares will be repurchased at a per-share price within the stock market price interval registered at any given time, such interval being the interval between the highest purchase price and the lowest sales price. The acquisitions will be managed by an investment firm or financial institution which makes its trading decisions in relation to Concentric’s shares independently of and without influence from Concentric.
For information on the implementation of the share repurchases, please see www.nasdaqomxnordic.com. Repurchase of shares will not be press released separately, unless mandatory disclosure obligations apply.
The total number of shares in issue is 40,031,100, whereof 197,787 own shares are held by Concentric at the time of this press release. In addition to this, 188,020 shares have been transferred to an Employee Share Ownership Trust during 2017-2018. Including these shares the company’s holdings is 385,807 shares.
For further information, please contact Lennart Lindell, +46 (0)766 104004
Concentric AB is an innovator in flow control and fluid power, supplying proprietary systems and components to the world’s truck, agricultural machinery, construction equipment and industrial applications end-markets. The company has a global manufacturing presence including in the UK, USA, Germany, Sweden, India, China and Argentina. Concentric’s focus is to develop world class technology with innovative solutions that meet the sustainability needs of our customers. Concentric offers engine products including lubricant, coolant and fuel pumps, hydraulic products encompassing gear pumps and power packs, and finally several key technologies for the fast growing market for electrical and hybrid powertrains. The Group has a turnover of circa MSEK 2,100 and circa 1,000 employees.