Tallinn, Estonia, 2014-04-04 11:08 CEST (GLOBE NEWSWIRE) --
From 7 April 2014, AS Ekspress Grupp will start the buy-back of up to 700,000 own shares within the frames of the share option programme as approved by the Extraordinary General Meeting of Shareholders on 21 November 2013.
According to the resolution of the Extraordinary General Meeting of Shareholders, AS Ekspress Grupp is entitled to acquire Shares with one transaction or by parts from stock exchange or over-the-counter within the period starting from publication of the resolution of the Extraordinary General Meeting of Shareholders up to 31 December 2016. AS Ekspress Grupp shall pay as minimum the stock exchange price of the Share on the transaction day or the nominal statutory value of the Share, i.e. 0.60 EUR (sixty euro cents) in case of over-the-counter transaction and as maximum the stock exchange price of the Share on the transaction day or maximum of 1.35 EUR in case of over-the-counter acquisition. AS Ekspress Grupp shall pay for the Shares from assets exceeding the share capital and the legal reserve. The Shares may not be encumbered with rights of third persons.
The share buyback programme is being implemented in accordance with the Commission Regulation (EC) No 2273/2003 of 22.12.2003, implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments. The programme is managed by SEB Pank AS, which will buy back shares on behalf of AS Ekspress Grupp. SEB Pank carries out the buyback according to the regulations and within the framework of the programme, and will make its trading decisions independently of, and without influence by AS Ekspress Grupp with regard to the timing of the purchases.
In accordance with the law, AS Ekspress Grupp will publish weekly summary of the transactions made and acquired shares.
Chairman of the Management Board
GSM: +372 5188111