The Board of cosmetics firm Oriflame has exercised its authorizations to repurchase up to 5,712,113 of the Company’s shares or Swedish Depositary Receipts (SDRs), equivalent to 10 per cent of the current share capital, by instructing management to launch a first share buyback programme.
The programme has a repurchase notional of SEK 350m, which at the prevailing share price is equivalent to approximately 3 per cent of the current outstanding share capital.
Currently Oriflame holds no SDRs or shares. The share repurchases will commence at the earliest on January 2, 2013, and are to be completed at the latest by April 23, 2013.
The purpose of the share buybacks is to optimise the capital structure and the acquired SDRs shall be converted to shares and be cancelled.