Intrum Justitia repurchases own shares
On 20th October 2015, the Board of Directors of Intrum Justitia AB (publ) resolved to initiate a share repurchase program. The purpose of the program is to reduce Intrum Justitia’s share capital by canceling the shares that are repurchased. Through the program, Intrum Justitia will return further funds to shareholders and it is the assessment of the Board of Directors that this will give the company a more optimal capital structure.
Intrum Justitia’s Annual General Meeting of 22nd April 2015 authorized the Board of Directors to make decisions regarding the repurchasing of shares. The Board of Directors is now exercising this authorization and intends to conduct share repurchases during the period 22nd October to 29th December 2015.
The program is being carried out in accordance with the European Commission’s ordinance (EC) No 2273/2003 of 22nd December 2003 (the EC ordinance) and will be managed by a securities company or credit institution that makes its trading decisions regarding Intrum Justitia’s shares independently and uninfluenced by Intrum Justitia. Any additional repurchases through block transactions will not be made in accordance with the exemption in the EC ordinance and will be managed by a securities company or credit institution in consultation with Intrum Justitia.
The repurchases of the company’s own shares will meet the following terms:
- Repurchases of shares are to be made on the Nasdaq Stockholm Exchange and in accordance with Nasdaq Stockholm’s regulations for issuers and in accordance with the EC ordinance.
- 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.
- A maximum of 7,342,132 shares may be repurchased, corresponding to 10 percent of shares in the company.
- Shares for a maximum SEK100 M may be repurchased.
- Payment for the shares is to be made in cash.
Intrum Justitia currently holds 728,072 own shares. The Board of Directors intends to propose to the 2016 Annual General Meeting that the share capital in the company be reduced by canceling the shares that will now be repurchased.
For further information, please contact:
Erik Forsberg, CFO,
Tel: +46 (0)8 546 102 02
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group, offering comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 3,800 employees in 20 markets. Consolidated revenues amounted to about SEK 5.2 billion in 2014. Intrum Justitia AB is listed on Nasdaq Stockholm since 2002. For further information, please visit www.intrum.com