Drinks giant Rémy Cointreau has announced that it plans to implement a share buyback programme, purchasing up to a maximum of 500,000 shares between now and 29 December.
The company's board of directors announced at its shareholders meeting that it was implementing the programme to cancel shares as part of a capital reduction; to cover obligations in respect of marketable securities giving access to capital and to cover obligations in respect of the allocation of free share programs to employees and/or Directors and Officers of the Company and/or companies related to it, according to a statement issued by the company.
Rémy Cointreau reserves the right to stop the buyback programme at a time of its choosing. It has published details of the share buyback programme on its website.
Sales Growth
On 20 July, Rémy Cointreau announced an organic sales growth increase of 8.0% in the first quarter of its financial year, helped by a strong performance by its Group Brands division.
Sales totalled €240.2 million in the period.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
