Millicom to repurchase own shares

Millicom to repurchase own shares

Luxembourg, February 27, 2020 – On May 2, 2019, the Annual General Meeting of Shareholders (“AGM”) of Millicom resolved to authorize (the “Authorization”) the Board of Directors of Millicom (the “Board”) to adopt a share repurchase plan. Based on the Authorization, the Board has decided to initiate a repurchase program comprising not more than 350,000 shares. In accordance with the resolution at the AGM, the purpose of the share repurchase plan will be to reduce Millicom's share capital (in value or in the number of shares) or to meet obligations arising from employee share option programs or other allocations of shares to employees of Millicom or of an associate company.

The repurchase program will be implemented in accordance with the Authorization, Nasdaq Stockholm’s Rule Book for Issuers, and applicable law including the EU Market Abuse Regulation No 596/2014 (“MAR”) and will be executed consistent with the provisions of Article 5 of MAR, and the Commission Delegated Regulation No 2016/1052 (“Safe Harbour Regulation”). The repurchase program will be managed by an investment firm which makes its trading decisions concerning the timing of the purchases of Millicom’s shares independently of Millicom.

The repurchase program will be conducted under the following conditions:

1.    Swedish Depository Receipts (“SDRs”) representing ordinary shares in Millicom (hereinafter also referred to as shares), will be repurchased on Nasdaq Stockholm and in accordance with the rules governing purchases of own shares as stated in Nasdaq Stockholm’s Rule Book for Issuers and in accordance with MAR and consistent with the provisions of Article 5 of MAR and the Safe Harbour Regulation.

2.    Repurchases may take place during the period between 28 February 2020 and 5 May 2020.

3.    Shares may be repurchased on Nasdaq Stockholm at a price per share within the registered interval for the share price prevailing at any time (the so-called spread), that is, the interval between the highest buying price and the lowest selling price.

4.    Shares may be repurchased for a maximum total of SEK 107 million.

5.    A maximum of 350,000 shares may be repurchased.