EANS-Adhoc: Westag & Getalit AG
Westag & Getalit AG starts share buyback
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
08.09.2010
The Management Board of Westag & Getalit AG has decided, with the consent of the Supervisory Board, to buy back own preference shares representing up to ten percent of the company´s current share capital between September 8, 2010 and no later than August 23, 2015, midnight. At no time may the acquired shares, together with other own shares held by, or imputable to, the company, represent more than ten percent of the share capital. The Management Board thus takes advantage of the authorisation granted by the ordinary Annual General Meeting dated August 24, 2010 to acquire own shares in accordance with Section 71 (1) No. 8 of the German Stock Corporation Act (AktG), which will expire on August 23, 2015, midnight. The repurchased shares may be used for all legally permissible purposes authorised by the Annual General Meeting.
The shares will be acquired via the stock exchange. The purchase price (excl. incidental expenses) must not be more than 10% higher or lower than the closing prices of the preference shares recorded at the Frankfurt stock exchange on the three days preceding each purchase.
The company will commission a bank to manage the buyback programme. This bank will have full discretion about prices and limits and will take its decisions regarding the timing of the share purchases independently and free from interference by the company. The bank is obliged to comply with the trading conditions laid down in Article 5 of Commission Regulation (EC) No 2273/2003 of December 22, 2003. The daily upper volume limit for the buyback is subject to the average daily turnover in the stock, which will be calculated on the basis of the average daily trading volume during the 20 trading days preceding each purchase.
The announcements of the conducted buybacks will be published on our homepage at www.westag-getalit.de.
end of announcement euro adhoc
Further inquiry note:
Felix Huisgen
Tel.: +49 (0)5242 17 5350
E-Mail: huisgen@westag-getalit.de
Branche: Building materials
ISIN: DE0007775207
WKN: 777520
Index: Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Stuttgart / free trade
Düsseldorf / regulated dealing