As announced on 7 April 2016, the Board of East Capital Explorer AB (publ) has
resolved to initiate a share buyback program for as long as the Company’s shares
trade at a discount of more than 20 percent to its most recently published NAV
in Swedish krona. The Board’s decision to repurchase shares falls within the
scope of the authorization given to the Board by the Annual General Meeting
2015. The current authorization is valid until and including the day of the AGM
2016, 9 June 2016. The company however intends to pursue buybacks after the AGM,
subject to a renewed authorization.
The company intends to repurchase shares as of 20 May 2016, within the
frameworks described below. The purpose of the buyback program is to reduce the
share capital of East Capital Explorer.
The repurchases of the company’s own shares shall meet the following terms:
- Repurchases of shares are to be made on Nasdaq Stockholm in
accordance with the rules regarding purchase of a company’s own shares as set
out in Nasdaq Stockholm’s Rule Book for Issuers.
- Repurchases of shares shall be made at a per-share price within the
registered price interval at any given time, which denotes the interval between
the highest bid and the lowest ask price.
- A maximum of 2,532,450 shares may be repurchased (including any block
trade repurchases) under the current authorization until and including 9 June
2016. The company’s holding of its own shares may, however, not at any time
exceed 10 percent of all shares in the company.
- As of 10 June 2016, provided that a renewed authorization is given by
the AGM, a maximum of 2,816,156 shares may be repurchased (including any block
trade repurchases). If this threshold is reached, the Board may again cancel the
shares held by the company and initiate a new repurchase program. The company’s
holding of its own shares may, however, not at any time exceed 10 percent of all
shares in the company.
- Payment for the shares is to be made in cash.
The total number of shares in East Capital Explorer amounts to 28,476,792. The
company currently holds 315,229 own shares. The Board of Directors intends to
propose to the 2017 Annual General Meeting or sooner that the share capital in
the company be reduced by cancelling the shares repurchased under this program.
Execution of the resolution is dependent upon market terms, applicable rules and
regulations and the company’s capital position at any point in time.
Contact information
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, East Capital Explorer, +46 73
988 44 66
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, offering unique
investment opportunities in Eastern Europe, where the Baltic countries represent
the company’s largest investment region. The company primarily invests in
unlisted assets within the private equity and real estate segments. East Capital
Explorer’s main investment theme is domestic growth and the company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer is listed on Nasdaq Stockholm, Mid Cap.
Listing: Nasdaq Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 –
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 08:00 a.m. CET on 20 May 2016.
