Kojamo plc's Strategic Move to Enhance Capital Structure
Kojamo plc Initiates a Share Buyback Program
The Board of Directors of Kojamo plc has made a significant decision to commence a share buyback program aimed at enhancing the company's capital structure. This initiative is based on the authorization provided during the recent Annual General Meeting held earlier this year.
Program Details
The buyback program allows for the repurchase of up to 7,000,000 shares, which constitute approximately 2.8 percent of all shares outstanding. The total expenditure for this initiative is capped at EUR 75 million. Shares will be repurchased via public trading on the regulated market of Nasdaq Helsinki Ltd, with purchases conducted at the current market price at the time of repurchase. The necessary funds for this buyback will come from the company's unrestricted equity.
Timeline and Regulations
Kojamo intends to start the repurchase of shares following the closing period on August 22 or as soon as it is feasible afterward. The program is set to conclude no later than March 6 the following year. Shares that are bought back during this period will be cancelled, aligning with Kojamo's strategy to streamline its financial position.
All repurchase actions will comply with the safe harbour procedures as outlined in the EU Market Abuse Regulation and the corresponding Commission Delegated Regulations.
Broker Appointment
Nordea Bank Abp has been appointed as the securities broker to manage this buyback program. The broker is responsible for making trading decisions autonomously, independent of Kojamo's influence, within the stated parameters. This ensures the integrity and transparency of the buyback process.
Flexibility in Implementation
Kojamo retains the discretion to suspend or terminate the buyback program before its planned conclusion, should circumstances change. In such instances, the company will communicate updates via a stock exchange release to ensure all stakeholders are informed.
Current Holdings
As of the start of this buyback initiative, Kojamo does not currently hold any of its own shares, positioning it to fully engage with the market dynamics when repurchasing shares.
Contact Information
For further inquiries regarding this buyback program, stakeholders are encouraged to reach out to Erik Hjelt, CFO of Kojamo plc, or Niina Saarto, Director of Treasury & Investor Relations, at the provided numbers for prompt assistance.
About Kojamo
Kojamo stands as Finland's leading private residential real estate company and is among the largest investors in the region. The company's mission centers on creating better urban housing experiences. Through its Lumo brand, Kojamo offers environmentally sustainable housing solutions tailored for urban dwellers who prioritize quality and convenience. Active development of both new and existing properties enhances Kojamo's portfolio value, reinforcing its status as a frontrunner in the property market and maintaining its appeal as the top choice for customers.
Frequently Asked Questions
What is the purpose of Kojamo's share buyback program?
The program aims to optimize Kojamo's capital structure by repurchasing shares, thereby potentially increasing shareholder value.
How many shares will Kojamo repurchase?
Kojamo plans to repurchase up to 7,000,000 shares, which is about 2.8% of its total shares.
When will the buyback program take place?
The share buybacks will start after August 22 and will conclude no later than March 6 of the following year.
Who manages the buyback program?
Nordea Bank Abp has been appointed as the securities broker to handle the buyback operations independently.
What happens to the shares that are repurchased?
The shares repurchased under this program will be cancelled, helping to streamline Kojamo's capital structure.
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