News
07/16/2010 - Details Of The Share Buyback Program
On July 15, 2010, the management board of MOBOTIX AG (ISIN DE0005218309) has approved a share buyback program, starting on July 19, 2010, to repurchase 15,000 of the Company's shares. This represents around 0.34 percent of the Company's share capital. The management board is thereby exercising the authorization granted by MOBOTIX shareholders at the General Shareholders' meeting on September 30, 2009, pursuant to section 71 (1) no. 8 German Stock Corporation Act (AktG). The buyback program does not have a fixed term, but will end automatically once the aforementioned number of shares is reached.
The shares will be purchased exclusively via the stock market. According to the authorization from the General Shareholders' meeting on September 30, 2009, the price per share paid by the Company (excluding ancillary transaction costs) must not be more than 10 percent above or below the market price determined by the opening auction via the Xetra trading system (or a similar successor system) for the Company's shares on the respective trading day on the Frankfurt Stock Exchange.
The repurchased shares may be used for any and all purposes specified in the authorization granted by shareholders. Specifically, a proposal to issue shares to employees and members of the management board is currently under consideration, in accordance with the authorization granted at the General Shareholders' meeting on September 30, 2009. The final decision concerning utilization of the shares shall be taken on a case-by-case basis by special resolution of the management board and, if required, the supervisory board.
The share buyback will be led by a bank. The Company has instructed the bank to ensure that these measures are carried out in accordance with the trading conditions set forth in Article 5 of Commission Regulation (EC) No. 2273/2003 of December 22, 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards to exemptions for buyback programs and stabilization of financial instruments (OJ EU No. L 336/33 of December 23, 2003), hereinafter referred to as 'EC Regulation', and the provisions of this stock buyback program. The Company has also instructed the bank to provide it with the information necessary to ensure that the Company can comply with the disclosure requirements imposed upon it by the EC Regulation. The decisions on the timing and volume of the share buyback will be taken by the Bank alone and these decisions will not be influenced by the Company.
According to the EC Regulation, the Company may not, on any single day, buy back more than 25 percent of the average daily trading volume of the share on the regulated market on which the shares are to be repurchased. This figure is worked out on the basis of the average daily trading volume on the 20 trading days prior to the respective purchase date.
The Company will not buy the shares at a price above the last independently performed transaction or (if higher) above the highest current independent bid on the trading exchanges on which the shares are to be purchased.
The buyback program may be suspended at any time if required, so far as is permitted by law.
The transactions will be publicly announced in accordance with the EC Regulation; MOBOTIX AG will provide regular information on the progress of the share buyback program at www.mobotix.com.
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