HELSINKI, Finland--(BUSINESS WIRE)--Regulatory News:
The Board of Directors of Sanitec Corporation (STO: SNTC) 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 windows");
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 EC-regulation;
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.
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 symbol “SNTC”.
For more information about Sanitec, please visit www.sanitec.com.
This information was brought to you by Cision http://news.cision.com