Temenos to return up to USD 120m through a share buyback programme
GENEVA, Switzerland – 17 June 2014 – Temenos (SIX: TEMN), the market leading provider of mission critical software to the banking industry, today announces a share buyback programme for 2014. The company will allocate up to USD 120m to the buyback of shares which will subsequently be cancelled. Calculated at the current share price, this amount equates to approximately 5% of the outstanding capital of the company.
Temenos is highly cash generative, having consistently delivered operating cashflows in excess of EBITDA and guiding once again to deliver this target in 2014, with low leverage and a strong balance sheet. This provides Temenos with significant financial flexibility enabling investment in the business, including industry leading R&D spend, and funding for targeted acquisitions whilst also providing for returning value to shareholders. Given this flexibility and commitment to returning value to shareholders, Temenos has decided to initiate a share buyback programme for 2014.
All shares repurchased under the buyback programme will be proposed for cancellation in a capital reduction at the AGM in 2015. The programme will be managed on a second trading line by Bank Vontobel AG. Temenos retains the right to cease the share buyback programme at any time.
Further information on the buyback, including regular progress and buyback notices, will be available at http://www.temenos.com/en/about-temenos/investor-relations/2014-buyback.