News
Proact Board makes decision on buyback of own shares
July 2016 by Marc Jacob
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 2 May 2016. 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 13 July 2016, the company had 9,333,886 outstanding shares. Since an earlier buyback of own shares, Proact has held 40,144 shares in its own custody, which is equivalent to 0.4 per cent of the total number of outstanding shares.
