FPC Board Opts for Share Buyback Plan

“This week’s AGM also saw the re-election of Fingerprint Cards board members Sofia Bertling, Johan Carlström, Ted Elvhage, Alexander Kotsinas, Tomas Mikaelsson, Dimitrij Titov, and Juan Vallejo.”

Fingerprint Cards is going ahead with a share buyback plan after the proposal was met with approval at the biometrics specialist’s Annual General Meeting this week.

FPC’s Board of Directors determined that share purchases can occur anytime between May 28 and the company’s next AGM in 2021. But the company’s own holdings of class B shares are not to exceed 10 percent of the total outstanding shares in the company; at present, FPC holds about 1.06 percent of outstanding shares.

In compliance with financial regulations, the buybacks are to be transacted on the Nasdaq Stockholm market.

In announcing the plans, Fingerprint Cards’ Board offered no rationale for the buyback plan.

Earlier this month, FPC issued a Q1 report in which the company noted that revenues had been impacted by supply chain disruption caused by the COVID-19 pandemic, and at its AGM, the Board determined that no dividend would be paid; major share repurchases could have a positive effect on share value.

This week’s AGM also saw the re-election of Fingerprint Cards board members Sofia Bertling, Johan Carlström, Ted Elvhage, Alexander Kotsinas, Tomas Mikaelsson, Dimitrij Titov, and Juan Vallejo. Carlström, the company’s CEO, was also elected Chairman of the Board.

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May 28, 2020 – by Alex Perala