Proact IT Group AB (publ) initiates a share repurchase program
The Board of Directors of Proact IT Group AB (Proact) has announced the launch of a share repurchase program, following the authorization given by the Annual General Meeting held on May 4, 2023.
Under the program, Proact will have the option to repurchase shares on one or multiple occasions until the next Annual General Meeting. However, the total number of shares repurchased must not exceed 10 percent of the company’s outstanding shares at any given time.
The repurchases will be conducted in accordance with Nasdaq Stockholm’s Rulebook for Issuers. The price for each share bought back will fall within the price interval determined by Nasdaq Stockholm, based on the highest buying price and the lowest selling price continuously disseminated.
Proact intends to utilize the share repurchase program to enhance the company’s capital structure and provide flexibility for future acquisitions and long-term incentive programs. The program will allow Proact to adapt its financial framework while leveraging its own shares as a means of payment and incentivization.
Jonas Hasselberg, CEO of Proact, stated, With the strong cash flow that Proact generates, we have built a very solid balance sheet. We recognize the possibility to further optimize our capital structure and we continue to execute on our acquisition strategy in parallel.
As of the date of this press release, Proact currently holds 501,710 shares, which accounts for 1.8 percent of the total outstanding shares in the company. The objective of the share repurchase program is to provide Proact with increased financial flexibility and resources for its future growth endeavors.
This announcement complies with the requirements of the EU Market Abuse Regulation (EU nr 596/2014) and has been made public in accordance with those regulations. For further information about the share repurchase program, please contact Jonas Hasselberg, CEO and President of Proact IT Group AB, or Linda Höljö, CFO and IR of Proact IT Group AB.
Proact IT Group AB continues to demonstrate its commitment to strategic development and financial optimization. The share repurchase program reaffirms its dedication to utilizing resources effectively and maximizing stakeholder value.
