Intrum Justitia repurchases own shares
On April 23, 2014, 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 cancelling 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 April 23, 2014 authorized the Board of Directors to resolve on repurchase of own shares. The Board of Directors has exercised this authorization and intends to conduct share repurchases between April 24, 2014 and June 17, 2014.
The program is being carried out in accordance with the European Commission’s ordinance (EC) No. 2273/2003 of December 22, 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 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 shall 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 7,736,094 shares may be repurchased, corresponding to 10 percent of shares in the company.
- Repurchases for a maximum of SEK 150 million may be made.
- Payment for the shares is to be made in cash.
Intrum Justitia currently holds 2,383,707 own shares. The Annual General Meeting April 23, 2014 resolved to reduce the share capital by cancelling these 2,383,707 shares. The Board of Directors intends to propose to the 2015 Annual General Meeting that the share capital in the company be reduced by cancelling the repurchased shares.
For further information, please contact:
Erik Forsberg, CFO
Tel: +46 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 3,600 employees in 20 markets. Consolidated revenues amounted to about SEK 4.6 billion in 2013. Intrum Justitia AB is listed on NASDAQ OMX Stockholm since 2002. For further information, please visit www.intrum.com