Share Buyback Programme 2011
On 27 April 2011, the Annual General Meeting, pursuant to Resolution no. 20, resolved to implement another share buyback programme. The shares may be acquired on the regulated market, on the terms specified for buyback programmes and stabilisation of financial instruments in Commission’s Regulation No. 2273/2003 of 22 December 2003 (“Regulation”), and may also be acquired in any other manner permitted by law, including in particular a public announcement of a tender offer for the Company shares, for 1 year following the adoption of the resolution.
Key terms and conditions of the buyback:
- The Company’s Management Board is authorised to acquire over the period of 1 year from the adoption of the Resolution ordinary bearer shares of the Company with a par value of PLN 1.00 per share, marked with the securities code ISIN: PLMLMDP00015, with a view to retiring them and at no time exceeding the 10 (ten) percent of the Company’s equity threshold for a total amount not higher than PLN 83 million.
- The Company shall finance the buy-back with funds collected in a reserve fund established for that purpose.
- The maximum price at which the Company is to buy back its shares by way of a public announcement of a tender offer for the Company shares shall not be higher than PLN 9.70 per share, and the minimum price shall be determined in compliance with the terms specified in the Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies for tender offers.
- Relevant provisions of the Regulation and The Warsaw Stock Exchange Rules shall apply when determining the price for shares acquired on a regulated market.
- The Management Board has been authorised to take any decisions and to take any actual or legal actions, including determination of the detailed terms and conditions of the share buyback and the manner of its execution with a view to implementing the Resolution.
