Compagnie Financière Tradition to launch share buyback program
Swiss interdealer broker Compagnie Financière Tradition has announced the results of the Annual General Meeting held on May 25, 2023.
In order to optimize the Group’s capital allocation, the Board of Directors has decided to launch a share buyback program of up to 300 000 shares. The program is set to launch in June 2023 and to run until May 2026 the latest.
The execution of the program is subject to market conditions and regulatory approvals. The buyback will be executed via second trading line on SIX Swiss Exchange. Shares repurchased under the program are expected to be cancelled subject to shareholder approval.
At the AGM, the dividend proposal of the Board of Directors published in the Swiss Official Gazette of Commerce on April 27, 2023 was approved.
The dividend consists (i) of a cash payment of a gross amount of CHF 5.50 per bearer share of CFT with a nominal value of CHF 2.50 and (ii) a distribution of one bearer share for every 100 bearer shares held to be deducted from the available earnings.
The reference share price corresponds to the average of the closing prices of the bearer shares on SIX Swiss Exchange for the 20 trading days preceding the date of the Annual General Meeting (i.e. from 25 April to 24 May 2023), less the gross amount of the cash dividend of CHF 5.50, i.e. CHF 113.90.
The taxable gross amount for the cash dividend is CHF 5.50 for every bearer share held and for the stock dividend CHF 1.14 (reference share price divided by 100) for every bearer share held.
The total amount of the dividend is CHF 49,031,068.1 and the available retained earnings carried forward is CHF 74,135,932 subject to the amount of treasury shares held at the dividend detachment date (on 30 May 2023).