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IC Companys announces share buyback programme
03 Jan '08
3 min read
The Group's cash position is developing as expected, and the announced share buyback for 2007/08 has commenced as planned. The total share buyback is expected to amount to approximately DKK 200 million in the period until 30 June 2008.
The share buyback will be effected within the authorisation given to the Board of Directors at the com-pany's annual general meeting held on 24 October 2007 to acquire own shares up to 10% of the share capital.
The first share buyback programme amounts to DKK 70 million and is expected to be implemented in the period from 3 January 2008 to 28 February 2008.
The Programme is being implemented in accordance with the provisions of the European Commis-sion's regulation no. 2273/2003 of 22 December 2003 which protects listed companies against viola-tion of insider legislation in connection with share buybacks.
The detailed terms of the share buyback are provided below. IC Companys A/S has appointed SEB Enskilda as lead manager of the Programme.
SEB Enskilda will, under a separate agreement with the company, buy back shares on behalf of IC Companys A/S and make decisions in respect of IC Companys A/S shares independently of and without influence from IC Companys A/S as to the timing of the purchases, and will complete the buyback within the mentioned framework of the Programme as set out in this announcement.
The purpose of the Programme is to reduce IC Companys' share capital. Accordingly, the Board of Directors will, not later than at the company's next annual general meeting, submit a proposal to re-duce the share capital by a nominal amount that will, as a minimum, correspond to the nominal value of the share capital bought back under the Programme.
The share buyback will be effected within the authorisation given to the Board of Directors at the com-pany's annual general meeting held on 24 October 2007 to acquire own shares up to 10% of the share capital.
The first share buyback programme amounts to DKK 70 million and is expected to be implemented in the period from 3 January 2008 to 28 February 2008.
The Programme is being implemented in accordance with the provisions of the European Commis-sion's regulation no. 2273/2003 of 22 December 2003 which protects listed companies against viola-tion of insider legislation in connection with share buybacks.
The detailed terms of the share buyback are provided below. IC Companys A/S has appointed SEB Enskilda as lead manager of the Programme.
SEB Enskilda will, under a separate agreement with the company, buy back shares on behalf of IC Companys A/S and make decisions in respect of IC Companys A/S shares independently of and without influence from IC Companys A/S as to the timing of the purchases, and will complete the buyback within the mentioned framework of the Programme as set out in this announcement.
The purpose of the Programme is to reduce IC Companys' share capital. Accordingly, the Board of Directors will, not later than at the company's next annual general meeting, submit a proposal to re-duce the share capital by a nominal amount that will, as a minimum, correspond to the nominal value of the share capital bought back under the Programme.
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