Also Holding rises as new buyback signals FCF generation
09/08/2022 09:09
** Shares in Also Holding ALSN.S jump 8.7% to 177.8 Swiss
francs after the Swiss IT distribution company announces a share
buyback programme of up to 100 mln euros ($102 mln) urn:newsml:reuters.com:*:nFWN2ZK7BL
** The amount corresponds to around 5% of market
capitalisation at the current share price
** "Strong signal on FCF generation," Vontobel says
** The company says the repurchased shares will be used for
treasury purposes including the financing of potential
acquisitions, increasing liquidity, and long-term incentives for
the management
** The programme will be carried out at market prices on the
first trading line as of Aug. 10
** The stock is on top of the Swiss mid-cap index .SMII
and heads for the best day since March 2020 if gains hold
($1 = 0.9799 euros)
(Reporting by Ozan Ergenay)
((ozan.ergenay@thomsonreuters.com))