East Capital Explorer continues its repurchase program on a renewed mandate
As announced on 7 April 2016, the Board of East Capital Explorer AB (publ) has resolved to initiate a share buyback program for as long as the Company’s shares trade at a discount of more than 20 percent to its most recently published NAV in Swedish krona. On 9 June 2016, the Board was given a renewed authorization by the Annual General Meeting to repurchase own shares and thereby intends to pursue buybacks accordingly.
The company intends to repurchase shares as o f 10 June 2016, within the frameworks described below. The purpose of the buyback program is to reduce the share capital of East Capital Explorer.
The repurchases of the company’s own shares shall meet the following terms:
- Repurchases of shares are to be made on Nasdaq Stockholm in accordance with the rules regarding purchase of a company’s own shares as set out in Nasdaq Stockholm’s Rule Book for Issuers.
- Repurchases of shares shall be made at a per-share price within the registered price interval at any given time, which denotes the interval between the highest bid and the lowest ask price.
- A maximum of 2,816,156 shares may be repurchased (including any block trade repurchases) under the current authorization. The company’s holding of its own shares may not, at any time, exceed 10 percent of all shares in the company. If this quota is reached, the Board may again cancel the shares held by the company and initiate a new repurchase program.
- Payment for the shares is to be made in cash.
The total number of shares in East Capital Explorer, after the effective cancellation of 315,229 shares as decided by the AGM on 9 June, amounts to 28,161,563. The company holds 1 148 829 own shares, of which 315,229 are for cancellation in accordance with the decision by the AGM on 9 June. The Board of Directors intends to propose to the 2017 Annual General Meeting or sooner that the share capital in the company be reduced by cancelling the shares repurchased under this program. Execution of the resolution is dependent upon market terms, applicable rules and regulations and the company’s capital position at any point in time.
Mia Jurke , CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss , CFO and Head of Investor Relations, East Capital Explorer, +46 73 988 44 66
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, offering unique investment opportunities in Eastern Europe, where the Baltic countries represent the company’s largest investment region. The company primarily invests in unlisted assets within the private equity and real estate segments. East Capital Explorer’s main investment theme is domestic growth and the company targets fast growing sectors such as Retail and Consumer goods, Financials and Real Estate. East Capital Explorer is listed on Nasdaq Stockholm, Mid Cap.
Listing: Nasdaq Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 –
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the Financial Instruments Trading Act and demands made in the exchange rules. It was released for publication at 16:25 p.m. CET on 10 June 2016.