Eastnine AB (publ): New buyback mandate 1 July until 30 September 2017
As announced on 7 April and 10 June 2016, the Board of Eastnine AB (publ) has resolved to carry out 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 SEK. The Board’s repurchase decision falls within the scope of the authorization given to the Board by the Annual General Meeting 2017. The purpose of the buyback program is to reduce the share capital of Eastnine. Execution is dependent upon market terms, applicable rules and regulations and the Company’s capital position at each point in time.
Since May 2016, Eastnine has repurchased in total 3,851,030 of its own shares, for SEK 253m under the programs. The Company’s holding of its own shares on 29 June 2017 amounted to 505,500. The total number of shares and votes in Eastnine amounts to 24,816,033.
Over the coming period from 1 July until 30 September 2017, Eastnine’s repurchase program will be conducted in accordance with the safe harbour provisions in the Regulation (596/2014/EU) of the European Parliament and of the Council on market abuse, and in the Commission Delegated Regulation (EU) 2016/1052 (“MAR”), which means that the repurchases are managed by a financial institution that makes discretionary trading decisions with the following restrictions:
- 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, and in accordance with MAR’s safe harbour provisions.
- 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.
- The Company’s holding of its own shares may not at any time exceed 10 percent of all shares in the Company.
- Repurchases for a maximum of SEK 120m may be made during the period.
- Repurchases may not be made at a price higher than that which corresponds to 80% of the Company’s latest published NAV per share.
- Payment for the shares is to be made in cash.
The Board of Directors intends to propose to reduce the share capital in the Company by cancelling the shares repurchased under this program at an EGM, or no later than at the 2018 Annual General Meeting.
For further information, contact Lena Krauss, CFO, +46 73 988 44 66
Eastnine AB (publ) is a Swedish investment company with a net asset value of EUR 246m. The company is currently transitioning into a focused Baltic real estate company, with an aim to generate predictable cash flows by being a long-term owner of attractive commercial properties in prime locations in the Baltic capitals. Eastnine is listed on Nasdaq Stockholm, Mid Cap.
This information is information that Eastnine AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 a.m. CET on 30 June 2017.
 The discretionary mandate means that a financial institution can, on behalf of the Company, repurchase shares also during closed periods in connection with financial reports or if the Company at the time of repurchase has insider information.