Feintool is taking action to counter dilution of consolidated earnings per share. Furthermore, the Thailand factory earmarked for closure has been sold to new investors while in China a further sales company - Feintool Automation Hong Kong Ltd. - has been founded.
In recent weeks, Feintool International Holding has been buying up convertible bonds and treasury stock in order to counteract dilution of consolidated earnings per share following the conversion of outstanding convertibles. The convertible bonds purchased will be offset against the debt corresponding to those still outstanding. The stock purchased will be used for supplying shares to holders of convertible bonds instead of issuing new shares. These buybacks of convertibles and shares on the market mean that the item "Average number of shares in circulation - diluted" in the current annual report is reduced accordingly. The reduction amounts to 37,056 shares, increasing the diluted earnings per share for financial year 2006/07 from CHF 18.48 to CHF 19.48.
The winding-up of the loss-making plastic/metal components factory in Lamphun, Thailand created an opportunity to sell the facility to new investors under an arrangement that is beneficial for both parties. It was agreed that the price would not be disclosed.
To strengthen Feintool's position in the Automation Segment, the Group has set up a sales company in Hong Kong: Feintool Automation Hong Kong Ltd.
For further information, please contact:
Joachim Kaufmann, CEO, and Jürg E. Wenger, CFO
Phone +41 (0)32 387 51 11
Feintool International Holding
Industriering 8, CH-3250 Lyss
Phone +41 (0)32 387 51 11
Fax +41 (0)32 387 57 81
Corporate Communications
Urs Feitknecht
Phone +41 (0)32 387 51 63
Fax +41 (0)32 387 54 16
Mobile +41 (0)79 204 41 13
The media release can be downloaded from the following link:
