In a very positive move for the company and shareholders of one of the world’s largest direct sellers, Oriflame announced this week that it will repurchase up to 5.7 million of the company’s shares.
In a press release, the company reported that the share repurchases will commence immediately and go through April 23, 2013. According to the company, the purpose of the share buybacks is to optimize the capital structure, and the acquired SDRs shall be converted to shares and be cancelled. The Board of Directors will propose the next Annual General Meeting to cancel the shares so acquired.
The entire release can be found on the company’s website here.