SCANFIL PLC STOCK EXCHANGE RELEASE 9 March 2020 7:00 P.M.
SCANFIL OYJ TO INITIATE A SHARE REPURCHASE PROGRAM
The Board of Directors of Scanfil plc has in its meeting on 9 March 2020 decided to commence repurchasing program of the company’s own shares in accordance with the authorization given by the Annual General Meeting held on 24 April 2019. The shares repurchased will be used to fulfil obligations related to the company’s option plans for the company key personnel.
The maximum number of shares to be repurchased is 300,000 corresponding to approximately 0.5% of the total number of shares. The maximum amount of euros to be used for the repurchase is EUR 1.4 million. The shares will be repurchased in public trading on the Nasdaq Helsinki Ltd at the market price prevailing at the time of repurchase. The repurchasing of shares will start on 10 March 2020 at the earliest, and end by the next Annual General Meeting at the latest.
The Annual General Meeting held on 24 April 2019 authorised the Board of Directors to decide on the repurchase a maximum of 5,000,000 of the company’s own shares. Own shares shall be repurchased with funds from the company’s non-restricted equity, in which case the acquisition will decrease the company’s distributable non-restricted equity.
The total number of shares in Scanfil plc is 64,669,993 and at the moment owns 300 000 its own shares, representing 0.5% of all shares.
CEO Petteri Jokitalo
Tel +358 8 4882 111
Distribution NASDAQ OMX, Helsinki
Scanfil is an international contract manufacturer and system supplier for the electronics industry with 40 years of experience in demanding contract manufacturing. Scanfil provides its customers with an extensive array of services, ranging from product design to product manufacturing, material procurement and logistics solutions. Vertically integrated production and a comprehensive supply chain are the foundation of Scanfil’s competitive advantages: speed, flexibility and reliability.
Typical Scanfil products include mobile and communications network devices, automation system modules, frequency converters, lift control systems, analysers, various slot and vending machines, and devices related to medical technology and meteorology. Scanfil services are used by numerous international automation, energy, IT and health service providers, as well as companies operating in the field of urbanisation. Scanfil’s network of factories consists of 11 production units in Europe, Asia and North America. The total number of employees is about 3,500.