Drinks firm Rémy Cointreau has announced a share buyback scheme that will see up to one million shares repurchased by the company.
The announcement of the buyback programme follows a shareholder meeting on 24 July, after which a mandate was granted to an unnamed investment services provider to repurchase shares in the firm.
The buyback scheme will run until 30 April 2019, with the company reserving the right to conclude it earlier if so required.
In a statement, Rémy Cointreau announced that the purpose of the buyback programme is to enable a number of functions to be performed, chief among which is the ability to cancel shares as part of a capital reduction.
The company also cited the need to 'cover obligations in respect to marketable securities giving access to capital' , and to 'cover obligations in respect to the allocation of free share programs to employees and/or Directors and Officers of the Company and/or companies related to it'.
In July, Rémy Cointreau announced that first quarter sales at the company reached €241.5 million, which represents like-for-like growth of 5.9% on the same period the previous year.
According to the company's finance chief, Luca Marotta, its performance was "well in line with group expectations", with the company expecting growth to accelerate in the coming quarters.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.