Intrum Justitia initiates share repurchase program
On July 18, 2013, the Board of Directors of Intrum Justitia AB (publ) resolved to initiate a share repurchase program. Through the program, Intrum Justitia will return additional funds to shareholders and it is the Board of Directors’ assessment that this will give the company a more optimal capital structure. The aim of the program is to reduce Intrum Justitia’s share capital through the cancellation of the repurchased shares.
Intrum Justitia’s Annual General Meeting on April 24, 2013, authorized the Board of Directors to decide on the repurchase of the company’s own shares. The Board of Directors is now making use of this authorization with the repurchase, which will initially be implemented during the period July 22, 2013 through September 24, 2013. The program is being carried out in accordance with the European Commission’s ordinance (EC) No. 2273/2003 of December 22, 2003 and will be administrated by a securities company or credit institution that makes its trading decisions regarding Intrum Justitia’s shares independently of, and not influenced by, Intrum Justitia. Any additional repurchases through block transactions will not be conducted in accordance with the exception in the EC ordinance and will be administrated by a securities company or a 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 OMX Stockholm exchange and in accordance with NASDAQ OMX Stockholm’s regulations for issuers and in accordance with the EC ordinance.
- Repurchases of shares on the NASDAQ OMX 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 7,974,465 shares may be repurchased, corresponding to 10 percent of shares in the company. Based on a share price of SEK 145, repurchases for a maximum of SEK 1,160 million may be made.
- Payment for the shares is to be made in cash.
Intrum Justitia currently owns no treasury shares. The Board of Directors intends to propose to the 2014 Annual General Meeting that the share capital be reduced by cancelling the repurchased shares.
For further information, please contact:
Annika Billberg, IR & Communications Director
Tel: 46 8 546 102 03
Mobile: 46 702 67 97 91
E-mail: a.billberg@intrum.com
Intrum Justitia is Europe’s leading Credit Management Services (CMS) group and offers services designed to measurably improve clients’ cash flows and long-term profitability. Intrum Justitia was founded in 1923, has around 3,100 employees in 22 countries and revenues of approximately SEK 3.8 billion in 2010. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com