The company’s Board of Directors initiated the programme on 23 July with the purpose of returning excess cash to shareholders.
Empowered by a mandate delivered during an extraordinary general meeting (EGM) on 10 June, the Board outlined a two-phase share repurchase programme.
With the second and final phase of its stock buyback plan now complete, Kindred has repurchased a total of 4.65 million shares at a volume-weighted average price of SEK 129 ($14.13), within the six-million-share limit allowed by the programme.
This brings the number of own shares held by Kindred to 7.5 million, while the total number of issued shares amounts to more than 230 million.
The company stated that all acquisitions were carried out on the Nasdaq Stockholm by Nordea Bank on its behalf.
It also stated that all acquisitions were conducted in accordance with the Maltese Companies Act, EU Market Abuse Regulation and the applicable rules of Nasdaq’s Nordic Main Market Rulebook for Issuers of Shares.
Kindred has already completed one share repurchase programme this year which ran from 1 March to 30 April. This aligns with the company’s policy to complement dividends paid out to shareholders with periodic stock buybacks.
On its website, the company states: “Kindred’s dividend policy is to generate a stable ordinary dividend in absolute GBP-denominated terms, paid in two equal tranches in the second and fourth quarter. In addition, Kindred will over time complement dividends with share buybacks.”
