DGAP-News: Weng Fine Art AG / Key word(s): Share Buyback/Investment
Weng Fine Art AG expands its share buyback program and increases
participation in Artnet slightly
03.06.2014 / 09:15
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PRESS RELEASE | 3 JUNE 2014
Weng Fine Art AG expands its share buyback program and increases
participation in Artnet slightly
The Supervisory Board of Weng Fine Art AG (WFA) has decided, pursuant to
§ 71 Abs. 1 Nr. 8 AktG, to extend the stock buyback program in terms of
scope and duration. Accordingly, WFA may now acquire up to 150,000 of its
own shares until 30 June 2015, corresponding to about 5.5% of the share
capital. Prior to this decision, the share buyback program was limited to
100,000 shares and was due to expire on January 31 2015. This provides WFA
with more strategic flexibility regarding its planned business expansion.
For example, the acquired shares may be used as non-dilutive acquisition
currency for existing shareholders. So far, 51,000 shares were purchased
under the current share buyback program.
The basis of the buyback program was authorized in the General Meeting of
September 9, 2013. The shares will be purchased exclusively through the
Frankfurt Stock Exchange and the Xetra system, where WFA will neither pay
more than 10%, nor less than 25% of the 10-day average closing price
recorded on the Xetra trading system. The Board may terminate the share
buyback program ahead of schedule and use the repurchased shares for all
legally permissible purposes.
Furthermore, WFA AG has slightly expanded its stake in the leading art
internet company Artnet AG to more than 5%. A significant further expansion
of this participation is not currently planned.
ABOUT WENG FINE ART AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships on the European continent. The
company focuses on works of internationally renowned artists from the 20th
century and, in its core business, exclusively supplies commercial
addresses (B2B) - among them the leading auction houses, dealerships and
galleries. The expertise and market positioning gained over nearly 20 years
serves as a basis for new business segments such as auctions, e-commerce
and art consulting. Weng Fine Art AG shares are traded on the Frankfurt
Stock Exchange since 2 January 2012.
CONTACT
Weng Fine Art AG
c/o edicto GmbH, Axel Mühlhaus
Eschersheimer Landstr. 42 | 60322 Frankfurt a.M. | Germany
Phone +49 (0)69 905505-52 | Fax +49 (0)69 905505-77
E-mail amuehlhaus@edicto.de
End of Corporate News
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03.06.2014 Dissemination of a Corporate News, transmitted by DGAP - a
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Language: English
Company: Weng Fine Art AG
KimplerstraÃe 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art@wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Freiverkehr in Berlin; Frankfurt in Open Market (Entry
Standard)
End of News DGAP News-Service
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271775 03.06.2014
DGAP-News: Weng Fine Art AG expands its share buyback program and increases participation in Artnet slightly
| Source: EQS Group AG