Sonova’s Share Buy-Back Program Begins
September 25, 2007
STAFA, Switzerland—As announced on August 15, 2007 and reported in The Insider, Sonova (formerly Phonak Holding AG) intends to repurchase up to 10% of its outstanding shares over the next 3 years. The program began September 20 and will end September 20, 2010, at the latest.
The share buy-back program allows Sonova to return its cash not used for operations and funds generated from future free cash flows to its shareholders. Due to the solid financial position of Sonova, this share buy-back program will not impact the financial flexibility for further internal and external expansion, according to the company.
The aim of the share buy-back is to reduce equity by canceling the repurchased shares. A proposal to reduce equity will be yearly submitted to the company’s General Meeting.