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Concentric AB Powers Up Shareholder Value with Strategic Share Buyback Completion

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Benjamin Hughes

April 2, 2024 - 06:21 am

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Concentric AB Finalizes Share Buyback Program with Astute Acquisition Strategy

REDDITCH, England, April 2, 2024 — In a notable series of transactions that have drawn the attention of the investment community, Concentric AB has completed a significant phase of its share repurchase program as announced earlier. This strategic buy-back initiative was implemented by the Concentric Board, aimed at strengthening the company's capital structure and delivering value to its shareholders.

Between March 25, 2024, and March 28, 2024, Concentric AB confirmed the acquisition of an impressive total of 13,339 of its own shares. The shares, identified by ISIN code SE0003950864, were bought back as a part of the sizeable repurchase program that had been set in motion by the company's Board.

A Strategic Financial Move by Concentric

Concentric's repurchase activity falls within the larger plan, which encompassed the buyback of up to 3,519,172 of its own shares. The financial cap for this exercise was set at a substantial SEK 150,000,000. The original declaration about this buy-back ambition came on July 26, 2023. The meticulously outlined program, which spans from July 31, 2023, to March 31, 2024, aligns scrupulously with the Market Abuse Regulation (EU) No 596/2014, and the Commission Delegated Regulation (EU) No 2016/1052, ensuring full compliance with regulatory standards.

Weekly Transaction Details

Specific details related to the repurchase reveal a carefully executed approach over the last week of March 2024. Concentric shares were bought at varying volumes and prices, reflecting an in-depth consideration of market trends and valuation:

  • On March 25, 3,286 shares were obtained at a weighted average price of 188.9149 SEK per share, totaling a transaction value of 620,774.36 SEK.

  • March 26 witnessed a higher volume with 3,758 shares bought at an average of 192.0896 SEK, culminating in a purchase worth 721,872.72 SEK.

  • Continuity in strategic accumulation was evident on March 27, as 3,799 shares got snapped up at an average price of 193.9983 SEK, leading to a total spend of 736,999.54 SEK.

  • The buying spree concluded on March 28 with 2,496 shares at an average of 191.1353 SEK per share, and the transaction for the day concluded at 477,073.71 SEK.

These judiciously planned transactions resulted in an aggregate acquisition of 13,339 shares for the week at an average price of 191.6726 SEK per share, and a noteworthy combined expenditure for the week reaching 2,556,720.33 SEK.

Cumulative Impact of Buyback Program

The announcement also highlighted the cumulative impact of the program. Over the course of the entire repurchase scheme, Concentric AB has amassed a total of 260,699 own shares. The average price paid over this duration amounted to a considerable 173.7190 SEK per share, translating to a considerable total outlay of 45,288,370.61 SEK.

Operational Holdings Post-Repurchase

In the aftermath of these transactions, Concentric's portfolio of treasury shares amounted to 1,175,150 shares as of March 28, 2024. Considering the company's total share count of 38,297,600, the outstanding shares, when excluding the treasury shares, stand at 37,122,450. This insight into Concentric's strategic share management showcases the confidence that the company holds in its long-term outlook and intrinsic value.

Transparent Disclosure and Additional Information

Adhering to its commitment to transparency, a full breakdown of the transactions supplementing this announcement reaffirms Concentric’s dedication to maintaining regulatory compliances and keeping its investors timely informed. Interested parties are encouraged to review the detailed transactions, which have been meticulously logged and made publicly accessible.

To gain further insight into the specifics of this corporate maneuver, the announcement directs stakeholders to reach out directly to Marcus Whitehouse, available either via phone at +44 121 445 6545 or through electronic correspondence at [email protected] Whitehouse is expected to provide an exhaustive understanding of the intricacies underlying this financial strategy.

This information stands as a mandatory disclosure required by the stringent regulations of the EU Market Abuse Regulation. The formal submission for public emergence occurred under the stewardship of the identified company contact persons at 08:00 CET on April 2, 2024, demonstrating Concentric AB's adherence to regulatory timings and procedures.

News Distribution and Resource Links

The news comes through the official channel of Cision, a trusted network for corporate communications, and can be accessed at http://news.cision.com.

Furthermore, two essential files have been made available for download to ensure that stakeholders can retrieve comprehensive details pertaining to these developments:

Release https://mb.cision.com/Main/1643/3954657/2704261.pdf

Concentric Transactions from 20240325 to 20240328 https://mb.cision.com/Public/1643/3954657/875bf324b5ba8955.pdf

These documents provide further comprehensiveness to an already detailed announcement, allowing for detailed scrutiny and analysis by investors, analysts, and other interested parties.

SOURCE and Further Acknowledgments

All information pertaining to the repurchase activities and related corporate decisions regarding Concentric AB have been directly sourced from the company. Concentric AB stands behind these developments as part of its ongoing commitment to enforce corporate objectives while also maximizing shareholder value.

Final Outlook

Concentric AB has made a calculated and well-timed decision to execute its share repurchase program, illustrating a focused effort on reliable capital management and shareholder value enhancement. This, in turn, resonates with its esteemed position in the market and sets a precedent for the proactive financial stewardship that the company is reputed for. This latest move further underlines Concentric's comprehensive approach to maintaining a robust balance sheet and its emphasis on delivering consistent shareholder returns.

The transparency and diligence displayed throughout the process reflect a sophisticated alignment with market standards, corporate governance, and investor expectations. As Concentric AB progresses beyond this repurchase program, the financial community will undoubtedly keep a close watch on how these strategic buy-backs influence the company’s market performance and future investment strategies.

In conclusion, Concentric AB's strategic deployment of capital in the form of its share repurchase program represents a forward-thinking approach to nurturing corporate growth, underscored by a commitment to delivering shareholder value. The investment world will be observing how this repurchase activity further shapes Concentric's market standing and financial robustness in the forthcoming periods. As details emanate from the company or relevant news outlets, stakeholders and market watchers await to gauge the ensuing impact on the company’s operational and financial trajectories.

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