Tuesday, April 26, 2011
IFS continues repurchasing own shares
On February 17, 2011, it was communicated that the board of directors of Industrial and Financial Systems, IFS AB (“IFS”), (XSTO: IFS), had decided to repurchase a maximum of 265,000 B shares in IFS, which corresponds to approximately 1 percent of all shares in the company, for a maximum aggregate consideration of SKr 30 million. During the period February 17–March 21, 117,987 B shares were repurchased for an aggregate consideration of SKr 12 million. To fulfill the objective of repurchasing a maximum of 265,000 B shares, the board of directors of IFS has now, on the basis of the authorization received from the annual general meeting 2011, decided to continue the repurchase of own shares. The remainder of the repurchase amounts to a maximum of 147,013 B shares, for a maximum aggregate consideration of SKr 18 million.
The purpose of the repurchase is to accord the board a greater possibility to adjust the company’s capital structure and thereby contribute to increased stockholder value. The repurchase will be made on Nasdaq OMX Stockholm pursuant to applicable rules at a share price that falls within the registered range between the highest bid price and the lowest asking price at the time of acquisition, provided the price does not exceed the higher of the price of the last independent trade and the highest current independent bid price. Repurchases will be made as soon as possible, during the period from April 27 up to June 21, 2011 at the latest, subject to prevailing legal provisions. The total number of outstanding shares of all series in IFS currently amounts to 26,455,922. On April 26, 2011, IFS held 617,987 B shares in own custody, of which 500,000 are to be cancelled as resolved by the annual general meeting 2011.
IFS is a public company (XSTO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite built on SOA technology. IFS focuses on agile businesses where any of four core processes are strategic: service & asset management, manufacturing, supply chain and projects. The company has 2,000 customers and is present in more than 50 countries with 2,700 employees in total. Net revenue in 2010 was SKr 2.6 billion.
IFS discloses the information provided herein pursuant to the Financial Instruments Trading Act (1991:980) and/or the Securities Markets Act (2007:528). The information was submitted for publication on April 26, 2011 at 9:30 p.m. (CET).