Electrolux has on April 29, 2022 launched a share buyback program. The objective of the share buybacks is to optimize the company’s capital structure and the intention is to reduce Electrolux share capital through subsequent share cancellations, which will further improve earnings per share.
Based on the authorization granted by the Annual General Meeting held on March 30, 2022, the Board has resolved to repurchase a maximum of 8,000,000 own series B shares on Nasdaq Stockholm for a total maximum amount of SEK 1,250 million. The program is planned to run during the period May 2, 2022 – October 21, 2022.
The program of SEK 1,250 million is the first step to reach the aim of share buybacks amounting to approximately SEK 2.5 billion until the next AGM, as was announced in the Q4 report for 2021.
The share buyback program will be managed by Citigroup Global Markets Europe AG (“Citigroup”) that, based on the trading order given by Electrolux to Citigroup, makes its trading decisions regarding timing of the acquisitions independently of Electrolux. The company’s holding of own shares may not at any time exceed 10% of the outstanding shares in the company.
Weekly reports on repurchased shares will be published through press releases, that can found here. Select category “Share buybacks”. If there are no share repurchases during one week, no press release will be issued the following week.
The share buyback program is carried out in accordance with the Market Abuse Regulation (EU) No 596/2014 (”MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”).