AS Ekspress Grupp, the largest media organization in the Baltics, will propose to approve a share buyback program at the Annual General Meeting on May 2. The company may buy back up to 2.5 million shares of AS Ekspress Grupp from the shareholders.
Upon approval of the General Meeting of shareholders of AS Ekspress Grupp, the company will have the right to buy back a maximum of 2.5 million own shares within 12 months via buyback offers targeted at all shareholders. The maximum price per share to be bought back may be up to 20 percent higher than the closing price of the Tallinn Stock Exchange on the previous day, but not more than 1.80 euros per share.
According to Mari-Liis Rüütsalu, Chairman of the Management Board of Ekspress Grupp, the purpose of the buyback program is to offer an attractive sales opportunity to those shareholders who wish to sell Ekspress Grupp shares, but the limited number and volume of Tallinn Stock Exchange transactions has prevented this. “Ekspress Grupp is very well capitalized, that creates a good opportunity to carry out a share buyback program now. We use the bought back shares to reduce the share capital or for the other purposes, such as an employee option program. In this way, we create further value for the rest of our shareholders,” Rüütsalu explained.
The Annual General Meeting of Ekspress Grupp will also vote on approving the 2021 annual report, approving the profit distribution proposal, including the dividend payment of 5 cents per share (in the total amount of 1.52 million euros), changes in the Supervisory Board and approval of the management remuneration policy.
The annual general meeting of shareholders of AS Ekspress Grupp will be held on May 2, 2022 at 10 am. The shareholders holding the shares of Ekspress Grupp as of the end of the business day on April 25 can participate in the general meeting.