Hexatronic Group AB (OM:HTRO) commences an Equity Buyback Plan for 18,470,289 shares, representing 9.01% of its issued share capital, under the authorization approved on May 9, 2023.
June 09, 2023 at 12:00 pm EDT
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Hexatronic Group AB (publ) (OM:HTRO) commences share repurchases on May 22, 2023, under the program mandated by the Annual General Meeting held on May 9, 2023. As per the mandate, the company is authorized to repurchase up to 18,470,289 ordinary shares, representing 9.01% of its issued share capital, such that the company's holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The shares will be repurchased at a price corresponding to the registered price interval at any given time with a maximum deviation of 30% upwards. The purpose of the proposed authorization is to give the Board the opportunity to adapt the Company's capital structure to its capital needs and thereby, among other things, be able to use the repurchased shares as a means of payment for the acquisition of companies. The program is valid until the next Annual General Meeting. As of April 4, 2023, the company had 205,062,579 shares of which 203,026,610 are ordinary shares and 2,035,969 are shares of series C held in treasury.
On May 17, 2023, the company announced a share repurchase program. Under the program, the company will repurchase a maximum of 1,200,000 of the company's common stock. The purpose of the repurchase program is primarily to reduce dilution caused by the company's outstanding share-based incentive programs. The purpose is also to use the repurchased shares as a means of payment in potential future corporate acquisitions. The program will be valid up until the Annual General Meeting in 2024.
Hexatronic Group AB is a Sweden-based company engaged in the production of electronic and technical solutions. The Companyâs products are divided into three categories, namely Network, which offers solutions for both fiber and copper systems, such as Small Firm-factor Pluggables (SFP), Customer Premises Equipment (CPE), switches, converters, patchcords and pigtails, fanouts, attenuators, jacks and telesplitters, among others; Components, which includes cables, connectors, high power Light Emitting Diodes (LEDs) and relays, among others, and Site Solutions, which includes products, such as distribution boxes, fiber optic terminal boxes, cross-connection cabinets, fiber splice closure flats and soft cable fixing panels, among others. Its subsidiaries include Proximon AB and Tele & Datanat Fiberoptik i Orebro AB, both active in fiber optic technology.
Hexatronic Group AB (OM: HTRO) commences an Equity Buyback Plan for 18,470,289 shares, representing 9.01% of its issued share capital, under the authorization approved on May 9, 2023.
HEXATRONIC GROUP AB 
