The Board of East Capital Explorer AB on 24 March resolved to initiate a share
repurchase program in order to increase shareholder value. The decision to
repurchase shares falls within the scope of the authorization given to the Board
by the Annual General Meeting 2014. The authorization is valid until the AGM in
2015. The Company intends to repurchase shares during the period 25 March
through 13 April 2015, when the trading window closes due to the upcoming Q1
report.
"Today, we can buy our own shares at a discount of around 40 percent to Net
Asset Value. We have a strong belief in both our NAV and our portfolio, which
has its largest exposure towards stable private equity and real estate
investments in the Baltics, and only to a limited extent towards Russian
holdings. We believe that the current share price does not reflect this. The
Board has also proposed to the AGM a redemption program, whereby 5 percent of
the shares can be redeemed at NAV. We are confident that this, combined, creates
strong value for our shareholders", said Mia Jurke, CEO of East Capital Explorer
in a comment.
The repurchases of the company's own shares shall meet the following terms:
* Repurchases of shares are to be made on Nasdaq Stockholm in accordance with
the rules regarding purchase of a company's own shares as set out in Nasdaq
Stockholm's Rule Book for Issuers
* Repurchases of shares shall be made at a per-share price within the
registered price interval at any given time, which denotes the interval
between the highest bid and the lowest ask price
* A maximum of 2,994,326 shares may be repurchased, corresponding to 10
percent of the company's outstanding shares, under the current authorization
East Capital Explorer does not currently hold any own shares. Execution of the
resolution is dependent upon market terms, applicable rules and regulations and
the Company's capital position at any point in time. The Board intends to
propose to the 2016 AGM, or sooner, that the share capital in the company be
reduced by cancelling the repurchased shares.
During the years 2009-2014, the company has distributed a total of EUR 53m to
its shareholders through buybacks, dividends and redemption programs. The
2013-2015 redemption programs will, provided the AGM's approval of this year's
proposed redemption program, have corresponded to an annual yield of around 8
percent.
Contact information
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, East Capital Explorer,
+46 73 988 44 66
Financial reporting calendar
* Annual General Meeting 2015 - 21 Apr 2015
* Interim Report, Q1 2015 - 13 May 2015
* Interim Report, Q2 2015 - 20 Aug 2015
* Interim Report, Q3 2015 - 5 Nov 2015
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, created with
the specific aim of bringing unique investment opportunities in Eastern Europe
to a broader investor base. The company makes direct investments into private
and public companies but investments are also made through East Capital's
private equity, real estate and alternative investment funds. East Capital
Explorer's main investment theme is domestic growth and the Company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer has appointed East Capital to manage its investment
activities. East Capital Explorer is listed on Nasdaq Stockholm, Mid Cap.
Listing: Nasdaq Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 -
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 08:30 a.m. CET on 25 March 2015.
[HUG#1906014]
