The board of Danish listed property company Sjælso Gruppen said this week it had approved a share buyback to boost shareholder value. The company is planning a share buyback and distribution programme up to DKK 300 mln (EUR 40 mln), approximately 10% of Sjælso Gruppen's market capitalisation.
The board of Danish listed property company Sjælso Gruppen said this week it had approved a share buyback to boost shareholder value. The company is planning a share buyback and distribution programme up to DKK 300 mln (EUR 40 mln), approximately 10% of Sjælso Gruppen's market capitalisation.
This will consist of a DKK 200 mln buyback of shares and a recommendation to the Annual General Meeting in April 2008 that dividends of DKK 4 per share to be distributed. In a statement, the company said: ' The board of directors believe that the current price of the company’s share does not reflect
the company's intrinsic value and ability to create value for the company's shareholders by generating high earnings and considerable free cash flows.'
Sjælso Gruppen said the share buyback will begin no later than 4 March when ut reports on its 2007 results. Details of the buyback will also be disclosed on that date.
