euro adhoc: conwert Immobilien Invest SE
Buybacks
conwert Immobilien Invest
SE starts further share buyback
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
25.08.2008
conwert Immobilien Invest SE starts further share buyback
Vienna, 25.08.2008. The extraordinary general meeting of conwert Immobilien Invest AG on 25 October 2007 authorised the Management Board to repurchase the company´s shares up to the legally defined maximum of 10% of issued capital. This authorisation is valid for a period of 18 months beginning on the date the resolution was passed. In this connection, the general meeting also confirmed the validity of the authorisation for conwert Immobilien Invest SE after the change in the company´s legal form. The resolution was published on the conwert website under www.conwert.at on 25 October 2007. conwert has already utilised this authorisation in part, purchasing 3,882,361 shares of common stock or 4.548% of share capital in a first share buyback programme from 31 January 2008 to 30 June 2008. The Administrative Board of conwert has decided to again make use of the authorisation issued by the annual general meeting up to the maximum amount permitted under law, and has defined the following share buyback programme:
- Duration: 29.08.2008 to 25.04.2009 at the latest + Class of shares: Common shares
- Planned volume: Up to 5.452% of share capital, therefore a maximum of 4,653,566 common shares + Purchase price: EUR 8.00 to EUR 13.00 per share + Form of purchase: Over the Vienna Stock Exchange + Purpose: For the purpose permitted by § 65 (1) 8 of the Austrian Stock Corporation Act, in particular for use in the acquisition of companies and properties
The Administrative Board approved this additional buyback because the current market price of the company´s share is roughly 40% below its book value (NAV) per share and therefore still presents a favourable opportunity to purchase treasury stock, among others, for use in acquisitions. Any changes as well as the transactions carried out as part of the share buyback programme will be published on the website of conwert Immobilien Invest SE under www.conwert.at in accordance with the Austrian Stock Corporation Act and the relevant publication directive.
end of announcement euro adhoc
Further inquiry note:
conwert Immobilien Invest SE, Peter Sidlo, Head of Corporate Communications,
T +43 / 1 / 521 45-250, E sidlo@conwert.at
Hochegger|Financials, Roland Mayrl, T +43 / 1 / 504 69 87-31,
E r.mayrl@hochegger.com
Branche: Real Estate
ISIN: AT0000697750
WKN: 069775
Index: WBI
Börsen: Wiener Börse AG / official dealing