Data storage company Proact’s board has initiated the repurchase of its own shares under the authorization granted by the annual general meeting. This is stated in a press release.
The buyback program began on 21 August and may continue until the next annual general meeting.
The company may repurchase shares as long as its own holdings do not exceed 10 percent of the total number of outstanding shares. The purpose is to adjust the capital structure and enable the use of treasury shares as payment for acquisitions and in long-term incentive programs.
Proact has approximately 25.7 million shares and currently holds 551,324 treasury shares, corresponding to 2.15 percent of the total number of shares.
