ITAB Shop Concept AB (OM:ITAB) commences an Equity Buyback Plan for 17,850,019 shares, representing 8.02% of its issued share capital, under the authorization approved on May 10, 2023.
October 02, 2023 at 02:30 am EDT
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ITAB Shop Concept AB (publ) (OM:ITAB) commences a share repurchases on September 29, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 10, 2023. Under the program, the company will repurchase up to 17,850,019 shares, representing 8.02% of its issued share capital, such that the company's holding at any given time does not exceed 10% of the total shares in the company. The purpose of the program is to provide the Board with more flexibility with regard to the company's capital structure where appropriate as well as to enable acquisitions of companies and business operations where payment is made with the company's own shares. The program will be valid until the next Annual General Meeting. As of April 4, 2023, the company had 222,500,192 shares, of which 218,100,192 are ordinary shares and 4,400,000 are the class C shares held in treasury.
On September 28, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to MSEK 50 million worth of its shares. The shares will be repurchased at a price per share within the price range on Nasdaq Stockholm applicable from time to time, meaning the spread between the highest purchase price and the lowest selling price prevailing and disseminated by Nasdaq Stockholm from time to time. The payment for the shares repurchased will be made in cash. The program will run through May 14, 2024.
ITAB Shop Concept AB is a Sweden-based company engaged in the development, manufacture, marketing and installation of shop fitting concepts and products for chain stores in the food and non-food segments. The Companyâs product portfolio comprises equipment for the checkout aisle, self-checkout solutions, flexible entrance and exit systems, as well as lighting systems. In addition, It offers custom-made shop concepts and light planning and service. The Company operates worldwide, including the United Kingdom, Poland, Germany, Hungary, Lithuania, Latvia, Russia, and the Nordic countries, among others. Furthermore, It is a parent of a number of entities, such as AB ITAB Novena, ITAB Germany Gmbh, ITAB Konsult AB, ITAB Pharmacy AB, Nordic Light Group AB, ITAB Pan-Oston Oy, ITAB Shop Concept AS, New Store Europe Denmark AS and JPD.
ITAB Shop Concept AB (OM: ITAB) commences an Equity Buyback Plan for 17,850,019 shares, representing 8.02% of its issued share capital, under the authorization approved on May 10, 2023.