Acting under the granted authorization by the Shareholders General Meeting the
Management Board of Arco Vara AS decided on 09.07.2008 to initiate share buyback
program. Under the program the aggregate consideration will be 4.0 mln kroons
(0.26 mln euros) and maximum of 450 000 shares may be acquired. The period
started on 10.07.2008 and ends on 05.09.2008.
During the period 26.07.2008 - 01.08.2008 the following buyback transactions
have been made:
Share- ARC1T:
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| Date | Amount | Price, | Price, | Cost, | Cost, |
| | | euros | kroons | euros | kroons |
--------------------------------------------------------------------------------
| 28.07.2008 | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
| 29.07.2008 | 0 | 0 | 0 | 0 | 0 |
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| 30.07.2008 | 0 | 0 | 0 | 0 | 0 |
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| 31.07.2008 | 0 | 0 | 0 | 0 | 0 |
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| 01.08.2008 | 0 | 0 | 0 | 0 | 0 |
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| Total for period | 0 | 0 | 0 | 0 | 0 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Accumulated | 428 524 | 0,57 | 8,87 | 242 894 | 3 800 475 |
| under buyback | | | | | |
| programme | | | | | |
--------------------------------------------------------------------------------
After these transactions Arco Vara owns 428 524 own shares, which is 0,45% of
share capital.
Under the program up to 0.2 mln kroons (0.013 mln euros) remains to be used or
up to 21 476 shares remain to be bought back.
The share buyback program is being implemented in accordance with the provisions
of the European Commission's regulation no. 2273/2003 of December 2003, which
protects listed companies against violation of insider legislation in connection
with share buybacks. Arco Vara has appointed SEB Bank as lead manager of the
program, who under a separate agreement with Arco Vara will buy back shares on
behalf of Arco Vara. SEB Bank will be independent on its trading decisions
irrespective of and without influence from Arco Vara as to the timing of the
purchases as well as carry out the buyback according to the regulations and
within the set framework of the programme.
Arco Vara is a leading real estate developer in the Baltic's, undergoing a SEE
expansion with presence established already in Ukraine, Bulgaria and Romania.
Core business is real estate development supported by brokerage and construction
arm. The company has offices in 29 cities and employs over 600 people. According
to 2007 audited consolidated results net sales was 727 mln kroons (46 mln
euros), net profit before minorities 235 mln kroons (15 mln euros) and assets 3
564 mln kroons (228 mln euros). Arco Vara is listed on Tallinn Stock Exchange.
1 EUR=15,6466 EEK
Heigo Metsoja
IRO
+372 6144 654
heigo.metsoja@arcovara.ee
http://www.arcorealestate.com