Medivir AB’s board of directors plans to use the authorization given at the annual general meeting to repurchase class B company shares.
The repurchases will be carried out in batches over time, but will conclude prior to the next annual general meeting. The execution of the repurchases will depend on market conditions, according to BioSpace.com, and the repurchases will be made in accordance with applicable rules.
The number of shares repurchased on any given day, with exceptions for any block transactions, cannot exceed 25 percent of the average daily volume during the four weeks immediately preceding the week during which shares are repurchased, BioSpace.com notes. Repurchases only may be made at a price per share within the price range applicable; that is, the range between the highest purchase price and the lowest selling price.
The repurchases are designed to “flexibly and suitably distribute capital to the shareholders and promote a more appropriate capital structure in light of the current financial position of Medivir,” says BioSpace.com. Repurchases may be made of a maximum number of shares corresponding to one tenth of the total number of shares in the company, so a maximum of 2,696,603 shares. Medivir currently holds no treasury shares.