Management Board of ORBIS AG resolves to continue share buyback program
The Management Board of ORBIS AG decided today to continue the share buyback program of the company.
On the basis of the authorization granted by the Annual General Meeting on May 28, 2014, up to a further 100,000 treasury shares are to be acquired via the stock exchange with immediate effect until May 27, 2019 at the latest.
The purchase price per share (excluding incidental costs) may not be more than 10% higher or lower than the arithmetic mean of the closing prices of the Company's shares in Xetra trading on the Frankfurt Stock Exchange on the last three trading days prior to the acquisition.
The buyback serves all legally permissible purposes covered by the authorization of the Annual General Meeting of May 28, 2014, in particular to fulfill share subscription rights under the Company's stock option programs for employees of the Company, for transfer to third parties as consideration in connection with business combinations or for the acquisition of companies or equity interests in companies.
The Company has commissioned a credit institution to buy back the shares, which will make its decision on the timing and daily number of shares to be purchased independently of and uninfluenced by ORBIS AG and will issue the purchase orders in compliance with the share buyback authorization and the provisions set out in Article 5 of Regulation (EC) No. 2273/2003 implementing Directive 2003/6/EC of the European Parliament and of the Council - Exemptions for buyback programs and share price stabilization measures.
The buyback program may be suspended and resumed at any time, to the extent necessary and legally permissible.
We provide regular updates on the progress of the share buyback program on our website at www.orbis.de.