WashTec AG / Share Buyback
24.11.2008
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Based on a resolution by the Shareholders Meeting of 8 May 2008, the
Management Board of WashTec AG, Augsburg, ISIN DE0007507501 / WKN 750750,
with the consent of Supervisory Board, resolved on 24 November 2008 to
acquire up to 800,000 own shares of WashTec AG (5.25% of the share capital)
in the context of a voluntary public share buy-back offer. The offer period
commences on 26 November 2008 and expires on 9 December 2008, 24.00 hours
CET. During this period WashTec shareholders can offer their shares to the
company at a purchase price (exclusive of any ancillary costs) of 6.90
Euros per bearer share with non-par value of WashTec AG. This offer price
corresponds to a premium of 8.12 % on the reference price, which is based
on the arithmetic average of the closing prices of the WashTec share quoted
on the XETRA trading system during the last five trading days prior to the
day of the announcement of the offer (17 November 21 November 2008) and a
premium of 10.40% on the closing price as of 24 November. The public share
buy-back offer is intended to provide shareholders with an opportunity for
sale before the end of the year, a possibility which is aggravated in the
course of the regular stock exchange trading due to the shares low
liquidity.
On 8 May 2008, the Management Board, with the consent of the Supervisory
Board, had already resolved to acquire up to a total of 800,000 own shares
of the company in the context of the share buy-back program via the stock
exchange. This corresponds to 5.26% of the current share capital of the
company. Up to and including 21 November 2008, the company had already
repurchased 419,115 shares in the context of the current share buy-back
program. This corresponds to 2.76% of the current share capital. Following
the successful and full completion of the share buy-back offer, the
portfolio of own shares held by WashTec AG would increase to 1,219,115
shares. This would correspond to 8.02% of the companys share capital.
During the acceptance period of the public tender offer, the current share
buy-back program will be stopped.
The share buy-back is effected, inter alia, for the purpose of using the
acquired own shares to service subscription rights on shares of the company
arising from share options which have been or will be issued in the context
of the WashTec share option programs. The acquired own shares may also be
resold in connection with the direct or indirect acquisition of companies,
parts of companies or equity interests in companies. The company reserves
the right to redeem the repurchased shares in whole or in part.
The company will publish more detailed information on the offer in the
electronic Federal Gazette (elektronischer Bundesanzeiger) and on its
website at www.washtec.de in the short term, probably on 26 November 2008.
The share buy-back offer will be executed by UniCredit - Bayerische Hypo-
und Vereinsbank AG.
Augsburg, 24 November 2008
WashTec AG
The Management Board
Contact:
Karoline Kalb, Investor Relations
WashTec AG
Argonstraße 7
86153 Augsburg
Tel.: +49 (0)821 - 55 84 - 1134
Fax: +49 (0)821 - 55 84 - 1135
Mobil: +49 175 - 4302025
DGAP 24.11.2008
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Language: English
Issuer: WashTec AG
Argonstraße 7
86153 Augsburg
Deutschland
Phone: +49 (0)821 55 84-0
Fax: +49 (0)821 55 84-1135
E-mail: kkalb@washtec.de
Internet: www.washtec.de
ISIN: DE0007507501
WKN: 750750
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, München, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: WashTec AG: WashTec AG resolves public share buy-back offer
| Source: EQS Group AG