The Board of Oriflame Cosmetics S.A. proposes to initiate share buyback programme
The Board of Directors of Oriflame Cosmetics S.A. (“Oriflame”) has decided to call for an Extraordinary General Meeting (“EGM”) to issue a mandate for a share buyback programme, allowing for the purchase of up to 10 percent of the company’s shares until the 2014 Annual General Meeting (“AGM”). The EGM will be held on December 19, 2012. A separate convening notice is enclosed to this press release in which the terms and conditions for the share buyback programme are further described.
The purpose of the share buyback programme is to optimise the capital structure, which is enabled by Oriflame’s strong financial position and good cash flow generation from operations. The share buyback programme is to be carried out in accordance with the EU Safe Harbour regulation, and the acquired shares will be cancelled. Further, the company intends to execute the share purchases in such a way that Oriflame’s ability to pay out ordinary dividend is maintained.
The reason for the EGM is that the company believes it is optimal from a timing perspective to launch a share buyback programme in advance of the next AGM.
For additional information, please contact:
Gabriel Bennet, CFO +41 26 425 8721
Johanna Palm, Director Investor Relations +46 76 542 2672
Founded in 1967 by two brothers and their friend, Oriflame is now an international beauty company selling direct in more than 60 countries worldwide. Its wide portfolio of Swedish, nature-inspired, innovative beauty products are marketed through a sales force of approximately 3 million independent Oriflame Consultants, who together create annual sales of around €1.5 billion. Oriflame offers the leading business opportunity for people who want to start making money on day one and work towards fulfilling their personal dreams and ambitions through its unique business opportunity concept – Make Money Today and Fulfil Your Dreams Tomorrow™. Respect for people and nature underlies the company’s operating principles and is reflected in its social and environmental policies. Oriflame supports numerous charities worldwide and is a Co-founder of the World Childhood Foundation. Oriflame Cosmetics is listed on the Nasdaq OMX Nordic Exchange.