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The board of Catena Media Plc has authorised the company to proceed with a new SEK 55m (€4.8m) share buyback programme.
The transaction was ratified at an extraordinary general meeting held on 12 July 2023, following an initial resolution at the annual general meeting on 24 May 2023.
Catena explained that “the purpose of the programme is to deliver shareholder value and optimise the company’s capital structure by reducing its share capital”.
Shares for repurchase will be acquired on Nasdaq Stockholm according to its Rule Book for Issuers and specific terms and conditions. The programme will run until 31 December 2023.
Once completed, Catena’s corporate governance will cancel the repurchased shares acquired by the programme.
The maximum number of shares that can be repurchased is 7,203,534, as Catena must ensure that its shareholding does not exceed 10% of its total issued share capital.
Share purchases will be within the price range recorded on Nasdaq Stockholm, and payment for shares will be made in cash.
As of the announcement, Catena Media holds 614,193 (0.8%) of its own ordinary shares, with a total of 78,769,812 outstanding shares.
The company will report completed acquisitions of its own shares according to applicable laws, regulations, and Nasdaq Stockholm’s Rule Book for Issuers.
This transaction marks Catena’s second buyback programme of 2023, having launched a SEK 100m (€8.7m) programme at the start of the year.
The board of Catena continues to review all strategic options, including the sale of the business, for which investment bank Carnegie AB has been recruited as a financial advisor.
Catena Media will announce its H1 interim trading results on 22 August.
