Calida buys back own shares

The board of directors at the underwear and lingerie manufacturer Calida based in the Swiss canton of Lucerne has decided to buy back its own shares. According to a press release, the proceeds from the sale of the garden furniture division Lafuma Mobilier are to be used for this. All shareholders will receive a purchase offer for 9.8218 percent of the share capital in the commercial register, but a maximum of 829,061 shares, at a price of 28.50 Swiss francs gross per registered share. The shares purchased by the Calida Group in this way will be canceled afterward. According to the press release, this is intended to be beneficial to all shareholders. A member of the founding Kellenberger family has committed to offer shares at 7 percent of the share capital. The Calida Group has reached an agreement with other family members to buy shares amounting 9.99 percent of the share capital at 27.90 Swiss francs each. This will decrease the stake of the Kellenberger family to 18-22 percent. Overall, the share buybacks will lead to a shareholder-friendly increase in earnings per share of at least 10 percent and a simultaneous increase in the free float to approximately 80 percent.

Executive Chairman of the Board of Directors of the Calida Group Felix Sulzberger commented in the press release: “We are very pleased with the Kellenberger family’s long-term commitment to the Calida Group. Our existing shareholders will benefit from an increase in earnings per share.”

Allan Kellenberger, the Kellenberger family representative on the group’s board of directors, stated: “We are delighted to have found a sustainable solution together with the Calida Group for the benefit of all stakeholders. Our family will continue to support the development of the group with a reduced shareholding, thereby stabilizing the shareholder base.” ce/ww