Millicom (Tigo) raises target and launches share repurchase program
2023年12月15日 - 6:15AM
Millicom (Tigo) raises target and launches share repurchase
program
Luxembourg, December 14, 2023 – Millicom
announced today changes to its financial target and the launch of a
new share repurchase program to fund employee share plans.
Raised target
Millicom is raising its target of cumulative
Equity Free Cash Flow (EFCF1) for the 2022-2024 period to “around
$600 million”, from “at least $500 million” previously. The more
ambitious target reflects higher expected savings from Project
Everest, the company’s efficiency program, as well as capex,
spectrum and cost savings expected to be derived from the proposed
creation of a shared mobile network in Colombia, and other
important initiatives already identified as part of the company’s
budget planning for 2024.
Management continues to expect that 2024 should
be the strongest of the three years in terms of EFCF generation,
whereas 2023 will be impacted by higher than usual spectrum
payments and approximately $90 million of severance charges, among
other one-offs. The company expects to provide additional details
about the 2024 outlook when it reports Q4 2023 results.
Share repurchase program
On May 31, 2023, the Annual General Meeting of
Shareholders (“AGM”) of Millicom resolved to authorize (the
“Authorization”) the Board of Directors of Millicom (the “Board”)
to adopt a share repurchase plan. Based on the Authorization, the
Board decided today to initiate a repurchase program of up to
2,000,000 Swedish Depository Receipts (“SDRs”) representing the
Company’s ordinary shares. The primary purpose of the share
repurchase plan is to meet obligations under Millicom’s share-based
incentive plans or other compensation programs.
The repurchase program will be implemented in
accordance with the Authorization, the Nasdaq Nordic Main Market
Rulebook for Issuers of Shares (“Nasdaq Rulebook”), and applicable
law including the Luxembourg law of 10 August 1915 on commercial
companies, as amended, and the EU Market Abuse Regulation No.
596/2014 (“MAR”), and it will be executed consistently with the
provisions of Article 5 of MAR and the Commission Delegated
Regulation No. 2016/1052 (“Safe Harbor Regulation”). The repurchase
program will be managed by a brokerage firm which makes its trading
decisions concerning the timing and quantity of the purchases of
SDRs independently of Millicom based on the framework agreed at
inception. The repurchase program will be conducted under the
following conditions:
- Repurchases may take place during the period between December
18, 2023 and May 22, 2024, the date of Millicom’s 2024 AGM.
- The maximum level of SDRs that may be repurchased will be the
lower of SEK 420 million (approximately USD 40 million) in
aggregate purchase price, or 2,000,000 SDRs.
- Payment for the shares will be made in cash.
- SDRs may be repurchased on Nasdaq Stockholm at a price per
share within the registered interval for the share price prevailing
at any time (the spread), that is, the interval between the highest
buying price and the lowest selling price.
As of the date of this press release, the total
number of outstanding shares in Millicom is 172,096,305 of which
292,609 are held by Millicom as treasury shares. Completed
acquisitions of own shares will be disclosed and reported in
accordance with applicable laws and regulations as well as Nasdaq
Rulebook.
Complete information on the authorization
resolved by the Annual General Meeting can be found on Millicom’s
website.
For further information, please
contact:
Press: Sofía Corral, Communications Director
press@millicom.com |
Investors: Michel Morin, VP Investor Relations
investors@millicom.com |
Regulatory Statement
This information was prior to this release
inside information and is information that Millicom is obliged to
make public pursuant to the EU Market Abuse Regulation. This
information was submitted for publication, through the agency of
the contact person set out above, at 22:15 CET on December 14,
2023.
About Millicom
Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm:
TIGO_SDB) is a leading provider of fixed and mobile
telecommunications services in Latin America. Through our TIGO® and
Tigo Business® brands, we provide a wide range of digital services
and products, including TIGO Money for mobile financial services,
TIGO Sports for local entertainment, TIGO ONEtv for pay TV,
high-speed data, voice, and business-to-business solutions such as
cloud and security. As of September 30, 2023, Millicom, including
its Honduras Joint Venture, employed approximately 19,000 people
and provided mobile and fiber-cable services through its digital
highways to more than 45 million customers, with a fiber-cable
footprint over 13 million homes passed. Founded in 1990, Millicom
International Cellular S.A. is headquartered in Luxembourg.
1 EFCF is a non-IFRS metric. Please refer to Millicom’s 2022
Annual Report for a description of non-IFRS measures and for a
reconciliation to the nearest equivalent IFRS figure.
Millicom International C... (NASDAQ:TIGO)
過去 株価チャート
から 4 2024 まで 5 2024
Millicom International C... (NASDAQ:TIGO)
過去 株価チャート
から 5 2023 まで 5 2024