Sanitec implements a repurchase programme of own shares
ET | Source:Sanitec
The Board of Directors of Sanitec Corporation has resolved to implement a share
repurchase programme. The purpose of the programme is to ensure that the company
is able to meet its obligations arising from Sanitec’s share based incentive
plan 2014 for its key employees, and to deliver the shares to participants of
the incentive plan, as approved by the Annual General Meeting 2014.
The Annual General Meeting, held on 13 May 2014, authorised the Board of
Directors to resolve on repurchase of own shares. The programme is implemented
in accordance with the Commission Regulation (EC) No 2273/2003 of 22 December
2003 (the "EC-Regulation").
The repurchase of own shares in the repurchase programme shall meet the
following main conditions:
1. Repurchases of shares shall take place in public trading on NASDAQ OMX
Stockholm in accordance with the rules regarding purchase of own shares as set
out in the EC-Regulation and in accordance with the NASDAQ OMX Stockholm's Rule
Book for Issuers;
2. Repurchases of shares may take place on one or more occasions;
3. The repurchase period shall commence on 1 August 2014 and shares must be
offered by selling shareholders before the termination of the repurchase period
on 20 April 2015. Repurchases of shares shall not take place 1 month prior and
the day of publishing of the company's financial reports (so called "closed
4. Repurchases of shares on NASDAQ OMX Stockholm may occur at a price within
the share price interval registered at that time (“spread”). However the price
cannot be higher than the highest of the price of the last independent trade and
the highest current independent bid on NASDAQ OMX Stockholm, as required by the
5. A maximum of 190,000 shares may be repurchased against a maximum
consideration of SEK 19,000,000;
6. The consideration for the shares shall be paid to sellers in accordance with
the standard settlement schedule of NASDAQ OMX Stockholm. Payment of the shares
shall be made in cash available in unrestricted shareholders’ equity and the
payments will reduce the shareholders’ equity accordingly.
The total number of shares in Sanitec Corporation amounts to 100,000,000.
Sanitec Corporation does not currently own any of its own shares.
For additional information, please contact:
Head of Investor Relations
mob. 46 76 855 7836
Head of Corporate Communications
tel. 358 10 662 5426
About Sanitec – “Home of the Bathroom”
Sanitec is the leader in bathroom ceramics in Europe. We have a unique portfolio
of some of the most well-known brands with deep roots in the European fixtures
markets, strategically positioned to address local markets. We care passionately
about people’s needs when it comes to complete bathroom concepts, providing
products that stand for guaranteed quality, high level of innovation and
attractive design. Stable relationships with key stakeholders in the value chain
and our unique brand strengths foster our leading position as well as the
loyalty and trust amongst our customers, our network of installers and the end
users of our products.
Sanitec operates an integrated European group with an unparalleled local
presence to provide the best value when it comes to bathroom products. In 2013
net sales amounted to EUR 702 million. Our production network includes 18
production facilities throughout Europe and currently Sanitec employs
approximately 6,200 people. Our head office is located in Helsinki, Finland. The
shares in Sanitec Corporation are traded on NASDAQ OMX Stockholm under the
For more information about Sanitec, please visit www.sanitec.com.
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