Ad
Ad
Ad
Electronics Production | October 30, 2008

Scanfil to acquire its own shares

Scanfil's Board of Directors has decided to initiate a share buyback of maximum of two (2) million own shares in accordance with the authorisation given to it at the Annual General Meeting on 3 April 2008.
Added together, the number of acquired shares and of the shares already held by the Company shall not exceed ten per cent (10%) of the Company?s share capital and of the number of voting shares. The company owns at the moment a total of 1,993,146 of its own shares.

Due to the small average liquidity of Scanfil's shares and as advised in clause 3.2.5 of the Rules of NASDAQ OMX Helsinki, Own Shares of a Listed Company, the Board of Directors has decided to deviate from the procedures described in clauses 3.2.1 - 3.2.2.

Repurchasing of own shares under decided terms may lead to a situation in which the repurchased shares exceed half (50%) of a single day's turnover. Nevertheless, the repurchasing of shares may not under any circumstances cause unusual market activity. Furthermore, the maximum number of shares repurchased during one day may not exceed 10% of all shares to be repurchased.

Shares will be bought back in public trading on the NASDAQ OMX Helsinki for the market price quoted at the time of the buyback, as provided by the regulations on public trading of shares. Shares can be repurchased to develop the company's capital structure, for use as consideration in acquisitions or to finance other arrangements, as part of the company's incentive scheme in the manner and within the scope determined by the Board, or to be further disposed of or retired.

The acquisition of company's own shares will start at the earliest on 10 November 2008 and will continue until the above mentioned amount has been acquired or otherwise announced. The authorisation will be effective 18 months from the approval at the Annual General Meeting.

Comments

Please note the following: Critical comments are allowed and even encouraged. Discussions are welcome. Verbal abuse, insults and racist / homophobic remarks are not. Such comments will be removed.
Further details can be found here.
Ad
Ad
Load more news
September 15 2017 9:25 AM V8.7.1-2