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Rémy Cointreau launches share buyback programme
French drinks group Rémy Cointreau has announced a share buyback scheme that will see up to one million shares repurchased by the company.
Rémy Cointreau has launched a share buyback scheme
At a shareholders meeting on 24 July 2018, the firm’s board of directors authorised a share buyback programme. A mandate was granted to an unnamed investment services provider to repurchase shares in the firm.
The purpose of the scheme is to allow the company to “cancel shares as part of a capital reduction, cover obligations in respect to marketable securities giving access to capital, and cover obligation in respect to the allocation of free share programmes to employees and/or directors and officers of the company and/or related companies”.
The buyback programme will end at the latest on 30 April 2019.
Last month, Rémy Cointreau reported a “strong” start to its 2018/19 fiscal year with organic Q1 sales up 5.9%, boosted by Cognac and “remarkable growth” in China.
Jack Daniel’s maker Brown-Forman also recently announced a scheme to repurchase US$200 million worth of shares in its business.