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 6 May 2014. 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 29 October 2014, the company had 9,333,886 outstanding shares. Since an earlier buyback of own shares, Proact has held 23,618 shares in its own custody, which is equivalent to 0.3 per cent of the total number of outstanding shares.
For further information, please contact:
Martin Ödman, CEO, Tel 46 733 56 68 11, e-mail: martin.odman@proact.eu
Peter Javestad, Vice President / IR, Tel 46 733 56 67 22, e-mail: peter.javestad@proact.eu
Jonas Persson, CFO, Tel 46 733 56 66 90, e-mail: jonas.persson@proact.eu
About Proact
Proact is Europe’s leading independent integrator in the fields of data storage and cloud solutions. Proact supplies business benefits by helping companies and authorities over the world to reduce risk and costs, and above all, to supply flexible, accessible and secure IT services.
Proact solutions cover all elements of data storage, including virtualisation, network functions and security, and the company has more than 3 500 successful projects behind it, along with vast information volumes which are managed at the Proact data centre.
The Proact Group has more than 640 employees and conducts business in Belgium, Denmark, Estonia, Finland, Germany, Latvia, Lithuania, the Netherlands, Norway, Slovakia, Spain, the United Kingdom, Sweden and the Czech Republic. Proact was founded in 1994. Proact IT Group AB (publ), its Parent Company, has been listed on the Nasdaq Stockholm since 1999 under the symbol PACT.
For further information about Proact’s activities please visit us at www.proact.eu