In a statement announcing the share repurchase, which was decided upon by the company’s Board of Directors, Fingerprint Cards explained that one of the aims of the plan is “to adapt and improve the company’s capital structure by reducing the capital, thereby creating additional shareholder value.”
Among other resolutions agreed upon at last year’s Annual General Meeting, the company’s leadership saw approval for a proposal that would allow the Board to repurchase Class B shares, so long as the company’s holdings of its own stock don’t exceed 10 percent of total company stock. This capability was determined to expire upon the company’s next Annual General Meeting, and in announcing the plan to move forward with the buyback, Fingerprint Cards said that such purchases could be made until May 25th, 2020.
All such activity will be carried out on Nasdaq Stockholm, with payments to be made in cash. Total Fingerprint Cards shares currently amount to 313,967,675 shares, so the company can buy up to 31,396,768 shares.
News of the plan comes just about a week after published a recap of its successful testing and certification efforts concerning its fingerprint sensor technology for biometric payment cards and smart cards.
March 19, 2020 – by Alex Perala