HelloFresh SE has announced a buy-back in shares, up to €150 million, this also includes certain convertible bonds issued in May 2020. The share repurchase is based on the authorisation granted by the company’s annual general shareholders’ meeting on 12 May 2022.
The firm did a buy-back in early 2022.
The details are as follows: any repurchases will be made through banks. The share repurchases are planned to be based on a certain program, which aims to buy a higher number of shares at lower share price levels, a lower number of shares at higher share price levels and no shares above a certain share price level; in no case will more than 15 million shares be bought back.
Any repurchases of convertible bonds are intended to be made in small amounts on an opportunistic basis depending on price developments and are limited to a maximum total of EUR 50 million nominal of convertible bonds (i.e., 500 convertible bonds). As a consequence, the Company may not deploy the full EUR 150 million.
The purpose of the share buy-back is to cancel the repurchased shares and thereby reduce the company’s share capital or to use them to meet obligations arising from the company’s employee equity incentive programs. Any repurchase of convertible bonds would further optimise the company’s capital structure; the repurchased convertible bonds, if any, will be cancelled.
Lead image: via HelloFresh. Photo: Uncredited.