Truecaller Executes 90,000 B Share Repurchase in November 2024
In a significant move aimed at bolstering shareholder confidence, Truecaller AB has announced its repurchase of 90,000 B shares from November 18 to November 22, 2024. This purchase represents approximately 0.03% of the company's total outstanding capital and is part of a broader share buyback initiative authorized by the company's board. The share buyback program, which commenced in late May 2024, has successfully led to the repurchase of nearly 3.9 million B shares by the end of week 47, accounting for about 1.11% of Truecaller’s outstanding capital.
The decision to buy back shares aligns with Truecaller’s strategy to enhance shareholder value, especially after the board received authorization during the 2024 Annual General Meeting to repurchase shares until the next AGM in May 2025. Truecaller’s management is keen to ensure that their total shareholding does not exceed 10% of all shares in circulation as of the annual meeting date, which speaks to their proactive approach in financial governance and accountability.
Here’s a breakdown of the recent transactions made during the week: on November 18, 2024, 25,000 shares were purchased at a weighted average price of SEK 44.80, totaling approximately SEK 1,119,999. Following this, a smaller purchase of 10,000 shares was made on November 19, averaging SEK 45.15 per share, accumulating to SEK 451,500. The following days saw consistent buying patterns with another 25,000 shares on November 20 at SEK 46.32, and further purchases on the succeeding days, culminating in a total transaction value of SEK 4,107,086 for the week.
As of November 22, 2024, Truecaller now holds 3,930,832 B shares along with 6,100,000 C shares, representing 2.84% of the total outstanding capital. The overall number of Truecaller shares, including the company’s own holdings, has risen to 353,040,414, while the outstanding shares, excluding those bought back, amount to approximately 343,010,082.
Truecaller, which is renowned globally for its contact verification and unwanted communication blocking services, not only seeks to enhance investor sentiment through financial maneuvers like share buybacks but also aims to strengthen its market position as an integral communication tool. With over 420 million active users, Truecaller is dedicated to creating secure communication environments and facilitating interactions between businesses and consumers, particularly in the fast-developing digital landscapes of emerging markets.
The buyback program exemplifies Truecaller’s commitment to delivering value to its shareholders while navigating the complexities of the modern market landscape. This program is set to continue until the 2025 AGM, providing ongoing opportunities for share repurchase and potentially increased market confidence in Truecaller’s long-term stability and growth prospects.
The decision to buy back shares aligns with Truecaller’s strategy to enhance shareholder value, especially after the board received authorization during the 2024 Annual General Meeting to repurchase shares until the next AGM in May 2025. Truecaller’s management is keen to ensure that their total shareholding does not exceed 10% of all shares in circulation as of the annual meeting date, which speaks to their proactive approach in financial governance and accountability.
Here’s a breakdown of the recent transactions made during the week: on November 18, 2024, 25,000 shares were purchased at a weighted average price of SEK 44.80, totaling approximately SEK 1,119,999. Following this, a smaller purchase of 10,000 shares was made on November 19, averaging SEK 45.15 per share, accumulating to SEK 451,500. The following days saw consistent buying patterns with another 25,000 shares on November 20 at SEK 46.32, and further purchases on the succeeding days, culminating in a total transaction value of SEK 4,107,086 for the week.
As of November 22, 2024, Truecaller now holds 3,930,832 B shares along with 6,100,000 C shares, representing 2.84% of the total outstanding capital. The overall number of Truecaller shares, including the company’s own holdings, has risen to 353,040,414, while the outstanding shares, excluding those bought back, amount to approximately 343,010,082.
Truecaller, which is renowned globally for its contact verification and unwanted communication blocking services, not only seeks to enhance investor sentiment through financial maneuvers like share buybacks but also aims to strengthen its market position as an integral communication tool. With over 420 million active users, Truecaller is dedicated to creating secure communication environments and facilitating interactions between businesses and consumers, particularly in the fast-developing digital landscapes of emerging markets.
The buyback program exemplifies Truecaller’s commitment to delivering value to its shareholders while navigating the complexities of the modern market landscape. This program is set to continue until the 2025 AGM, providing ongoing opportunities for share repurchase and potentially increased market confidence in Truecaller’s long-term stability and growth prospects.
Topics Financial Services & Investing）
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