Proact Board makes decision on buyback of own shares
The Board of Directors at Proact IT Group AB ("Proact") has made a decision to initiate the buyback of its own shares within the scope of the authorisation concerning the acquisition of own shares, amounting to a maximum of 10 per cent of shares, as obtained at the Annual General Meeting held on 2 May 2016. This authorisation may be exercised up to the time of the next Annual General Meeting. The purpose of buybacks is in accordance with the decision of the Annual General Meeting.
The company’s own shares will be bought back in batches, depending on market conditions and applicable rules. With the exception of block transactions, these include the stipulation that daily buybacks cannot exceed 25 per cent of the average daily revenue in the four calendar weeks immediately preceding the week in which shares are bought back. In addition, shares may only be bought back at prices in the range between maximum buying price and lowest selling price.
As at 13 July 2016, the company had 9,333,886 outstanding shares. Since an earlier buyback of own shares, Proact has held 40,144 shares in its own custody, which is equivalent to 0.4 per cent of the total number of outstanding shares.
For further information, please contact:
Jason Clark, CEO and President, Proact IT Group AB, tel +44 1246 266300
Peter Javestad, VP / IR, Proact IT Group AB, tel +46 733 56 67 22, email@example.com
Jonas Persson, CFO, Proact IT Group AB, tel +46 733 56 66 90, firstname.lastname@example.org
Proact is Europe’s leading independent datacentre and cloud services provider. Proact supplies business benefits by helping companies and authorities to reduce risk and costs, and above all to supply them with flexible, accessible and secure IT services. Proact’s cloud service operations manage 70 petabytes of information. Proact has completed more than 3,500 successful projects all over the world to date.
The Proact Group has more than 720 employees and operates in 15 countries in Europe and in the USA. Proact was founded in 1994, and its parent company Proact IT Group AB (publ) has been listed on Nasdaq Stockholm under the symbol PACT since 1999.
For further information about Proact’s activities please visit us at www.proact.eu