DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG Extends its Stock Buyback Program - Sales in the 2nd
Half rose above Expectations
31.01.2014 / 07:45
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PRESS RELEASE | 31 JANUARY 2014
Weng Fine Art AG Extends its Stock Buyback Program - Sales in the 2nd Half
rose above Expectations
The CEO and the board of Weng Fine Art AG (WFA) have decided, pursuant to §
71 Abs. 1 No. 8 AktG, to extend its stock buyback program up to January 31,
2015. It was set to expire on January 31, 2014. Under this program, WFA is
allowed to purchase up to 100,000 shares, the equivalent of 3.64 % of its
share capital. So far, the company has acquired 45,000 shares on the
Frankfurt Stock Exchange.
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 20% of the 10-day average closing price recorded on the Xetra
trading system. The shares should be purchased at a price between EUR11 -
14.
Today marks the end of Weng Fine Art's fiscal year 2013/2014, during which
the company generated revenues of about EUR8.4 million (EUR7.68 million in
previous year). Thus, the expectations for this 'year of transformation'
were clearly exceeded. The sales in the 2nd half of the year were far
beyond expectations, as they increased by more than 50% (from EUR2.9
million to EUR4.4 million).
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
Telefon +49 (0)69 905505-52 | Telefax +49 (0)69 905505-77
E-Mail amuehlhaus@edicto.de
End of Corporate News
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31.01.2014 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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250423 31.01.2014
DGAP-News: Weng Fine Art AG Extends its Stock Buyback Program - Sales in the 2nd Half rose above Expectations
| Source: EQS Group AG