Sampo plc Boosts Buyback Program to EUR 475 Million
Sampo plc Enhances Share Buyback Initiative
Sampo plc has recently made headlines by increasing its share buyback program to EUR 475 million. This decision comes after the successful conclusion of the exchange offer for Topdanmark shareholders, showcasing the company’s commitment to enhancing shareholder value.
Details of the Buyback Program
The Board of Directors announced that the previous buyback program, which was set at EUR 400 million, has now been extended significantly. Coupled with EUR 325 million earmarked for the squeeze-out of minority shares in Topdanmark, this brings the total investment in capital efficiency improvement and earnings per share (EPS) growth to an impressive EUR 800 million.
Timeline for the Extended Buyback
The buyback program will now be active until at least November 30, 2024. This extension reflects the Board's confidence in the company’s growth prospects and the overall market environment.
Trading Guidelines and Management
Trading for the share repurchases will proceed under the safe harbor regulations outlined in Article 5 of the EU Market Abuse Regulation. To implement this program efficiently, Sampo plc has appointed Morgan Stanley as the lead manager. This independent capacity ensures that trading decisions are made without direct influence from Sampo, aligning with best practices in capital management.
Funding the Buyback Strategy
Funding for the buybacks will be drawn from Sampo's unrestricted shareholders' equity, reinforcing the company’s robust financial position. The program is backed by a specific authorization from the Annual General Meeting held on April 25, 2024, which underscores strong governance and shareholder support.
Continuing Commitment to Investors
Through this enhanced buyback program, Sampo plc is signaling its ongoing commitment to provide value to its shareholders. Such initiatives are crucial in maintaining investor confidence and supporting stock performance in the long run.
Contact Information for Investor Relations
For further inquiries regarding the buyback program or other investor-related matters, Sampo plc encourages stakeholders to reach out to:
Sami Taipalus
Head of Investor Relations
tel. +358 10 516 0030
Maria Silander
Communications Manager, Media Relations
tel. +358 10 516 0031
Frequently Asked Questions
What is the new amount for Sampo’s buyback program?
The buyback program has been increased to EUR 475 million.
When does the buyback program extend until?
The program is set to continue until at least November 30, 2024.
Who is managing the share repurchase program?
Morgan Stanley has been appointed as the lead manager for the buyback program.
How will the funds for the buyback be sourced?
The buybacks will be funded from the unrestricted shareholders' equity of Sampo plc.
How does this buyback impact EPS?
The increase in the buyback program is aimed at enhancing capital efficiency and supporting earnings per share (EPS) accretion.
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