SCOR: SCOR launches a share buy-back program for up to EUR 200 million
(Thomson Reuters ONE) -
Press Release
27 July 2017 - N° 18
SCOR launches a share buy-back program
for up to EUR 200 million
The SCOR Group is launching a share buy-back program on the basis of robust
underlying fundamentals:
* the strong and profitable growth, driven by the successful start to the
"Vision in Action" plan, remains in line with the capital plan of the Group;
* Solvency exceeds the upper end of the optimal range;
* the Group has demonstrated its ability to self-finance its growth, in
addition to providing an attractive dividend to shareholders, which in 2017
increased by 10% versus the previous year.
SCOR will start buying back its own shares with effect from July 27 2017, with
an amount up to EUR 200 million over the next 24 months, subject to market
conditions. SCOR intends to cancel all repurchased shares. The buy-back will be
conducted within the framework approved by the annual general meeting held on
April 27th, 2017, which authorizes a share buy-back program capped at 10% of the
Group's share capital, and if necessary, in the event of renewal, of the
authorizations expected to be given by the 2018 annual combined general meeting.
To carry out the program, SCOR may grant partial or full mandates to an
independent investment services provider.
Denis Kessler, Chairman and CEO of SCOR, comments: "This share buy-back program
reflects the Group's confidence in the strength of its underlying fundamentals,
excellent ratings and optimal debt leverage. This is another example of SCOR's
value proposition for shareholder remuneration."
*
* *
Contact details
Marie-Laurence Bouchon
Group Head of Communications
+33 (0)1 58 44 75 43
mbouchon(at)scor.com
Ian Kelly
Head of Investor Relations
+44 203 207 8561
ikelly(at)scor.com
Visit our new website: http://www.scor.com/
Twitter: (at)SCOR_SE
Forward-looking statements
SCOR does not communicate "profit forecasts" in the sense of Article 2 of (EC)
Regulation n°809/2004 of the European Commission. Thus, any forward-.looking
statements contained in this communication should not be held as corresponding
to such profit forecasts. Information in this communication may include
"forward-looking statements", including but not limited to statements that are
predictions of or indicate future events, trends, plans or objectives, based on
certain assumptions and include any statement which does not directly relate to
a historical fact or current fact. Forward-looking statements are typically
identified by words or phrases such as, without limitation, "anticipate",
"assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may
increase" and "may fluctuate" and similar expressions or by future or
conditional verbs such as, without limitations, "will", "should", "would" and
"could." Undue reliance should not be placed on such statements, because, by
their nature, they are subject to known and unknown risks, uncertainties and
other factors, which may cause actual results, on the one hand, to differ from
any results expressed or implied by the present communication, on the other
hand.
Please refer to the 2016 reference document filed on 3 March 2017 under number
D.17-0123 with the French Autorité des marchés financiers (AMF) posted on SCOR's
website www.scor.com (the "Document de Référence"), for a description of certain
important factors, risks and uncertainties that may affect the business of the
SCOR Group. As a result of the extreme and unprecedented volatility and
disruption of the current global financial crisis, SCOR is exposed to
significant financial, capital market and other risks, including movements in
interest rates, credit spreads, equity prices, and currency movements, changes
in rating agency policies or practices, and the lowering or loss of financial
strength or other ratings.
The Group's financial information is prepared on the basis of IFRS and
interpretations issued and approved by the European Union. This financial
information does not constitute a set of financial statements for an interim
period as defined by IAS 34 "Interim Financial Reporting".
SCOR Press Release:
http://hugin.info/143549/R/2123442/809920.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: SCOR via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2017 - 07:20 Uhr
Sprache: Deutsch
News-ID 554084
Anzahl Zeichen: 5650
contact information:
Town:
Paris
Kategorie:
Business News
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