Fondia Oyj commences an Equity Buyback Plan for 300,000 shares, representing 7.88% of its issued share capital, under the authorization approved on March 20, 2024.
May 20, 2024 at 11:45 am EDT
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Fondia Oyj (HLSE:FONDIA) commences share repurchases on May 20, 2024, under the program mandated by shareholders in Annual General Meeting held on March 20, 2024. As per the mandate, the company is authorized to repurchase up to 300,000 shares, representing 7.88% of its outstanding share capital. The shares will be repurchased such that the shares held by the company do not exceed 10% of its share capital. The price to be paid for repurchases will be established in multilateral trading on the acquisition date or at the price otherwise established in the market. Shares can also be acquired outside of public trading at a price that at most corresponds to the market price at the time of acquisition in public trading. The purpose of the program is to develop company's capital structure, to be transferred to finance or implement possible acquisitions, investments or other arrangements that are part of company's business. The repurchased shares will be used for company's incentive systems or to be further transferred, to be kept for cultivation. The authorization will be valid till next Annual General Meeting or June 30, 2025, if earlier. As of February 27, 2024, the company had 3,953,134 issued shares and 144,305 treasury shares.
On May 17, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 2.63% of its share capital for ?0.8 million. The repurchases will be funded from company's free equity. The repurchases will commence from May 20, 2024 and will run till December 20, 2024. As of May 17, 2024, the company had 3,953,134 outstanding shares and 149,454 treasury shares.
Fondia Oyj is a Finland-based legal service provider. The Company provides a full range of legal services for businesses, including both outsourced legal services in the form of its legal department as a service (LDaaS) service concept, as well as project-based services, such as mergers and acquisitions (M&A), financing, taxation, litigation and dispute resolution, among others. The Company is present in Finland, Sweden, Estonia and Lithuania. Fondia Oyj is a member of GGI Geneva Group International, an alliance of accounting, consulting and law firms located around the globe.
Fondia Oyj commences an Equity Buyback Plan for 300,000 shares, representing 7.88% of its issued share capital, under the authorization approved on March 20, 2024.