MALMÖ, Sweden--(BUSINESS WIRE)--
The Board of Oriflame Cosmetics S.A. has exercised its authorizations granted by the Extraordinary General Meeting held on December 19, 2012 (to repurchase up to 5,712,113 of the Company’s shares or Swedish Depositary Receipts (SDRs), equivalent to 10 % of the current share capital), by instructing management to launch a first share buyback programme with a repurchase notional of SEK 350m, which at the prevailing share price is equivalent to approximately 3 % 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. The Board of Directors will propose the next Annual General Meeting to cancel the shares so acquired.
The share buyback programme will be carried out on behalf and account of Oriflame Cosmetics S.A. on the open market through a financial institution commissioned by the Company. The financial institution will make its trading decisions independently of, and without being influenced by, the Company.
The share buyback programme will be executed in accordance with Commission Regulation No. 2273/2003 of December 22, 2003. In accordance with article 5 of the Regulation, the acquisition price per share acquired under the mandate shall not exceed the higher of the price of the last independent trade and the highest current independent bid on the NASDAQ OMX Nordic Exchange. The purchase price shall not be lower than the par value of the share. Further, no more than 25 percent of the average daily volume of shares on the NASDAQ OMX Nordic Exchange may be acquired per day, where average volume of shares is based on the average daily volume traded over the last 20 stock exchange trading days prior to the date of purchase. The maximum amount of shares or SDRs that can be repurchased is capped at 5,712,113. The transactions will be publicly disclosed through publication thereof on a daily basis on the NASDAQ OMX Nordic Exchange website.
Founded in 1967 by two brothers and their friend, Oriflame (STO:ORISDB) is now an international beauty company selling direct in more than 60 countries worldwide. Its wide portfolio of Swedish, nature-inspired, innovative beauty products are marketed through a sales force of approximately 3 million independent Oriflame Consultants, who together create annual sales of around €1.5 billion. Oriflame offers the leading business opportunity for people who want to start making money on day one and work towards fulfilling their personal dreams and ambitions through its unique business opportunity concept – Make Money Today and Fulfil Your Dreams Tomorrow™. Respect for people and nature underlies the company’s operating principles and is reflected in its social and environmental policies. Oriflame supports numerous charities worldwide and is a Co-founder of the World Childhood Foundation. Oriflame Cosmetics is listed on the NASDAQ OMX Nordic Exchange.
This information was brought to you by Cision http://www.cisionwire.com