DGAP-News: Weng Fine Art AG approves repurchase of own shares: 'Treasury stock' as acquisition currency
(firmenpresse) - DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
Weng Fine Art AG approves repurchase of own shares: 'Treasury stock'
as acquisition currency
17.04.2013 / 08:30
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PRESS RELEASE | 14 APRIL 2013
Weng Fine Art AG approves repurchase of own shares: 'Treasury stock' as
acquisition currency
In accordance with Section 71 (1) No. 8 AktG (German Stock Corporation
Act), the CEO and the board of Weng Fine Art AG (WFA) have determined that
they will exercise the authorisation given to them by the resolution of the
General Meeting on 26 September 2011 to repurchase company shares. In
total, up to 50,000 shares - corresponding to approximately 1.8% of the
company's share capital - can be purchased. The company intends to create
'Treasury Stock' this way, which may be used for any legally permissible
purpose.
In particular, use of the shares as an acquisition currency is an option.
'Acquisitions and equity investments will be an integral part of our
strategy for the future', explains CEO Rüdiger K. Weng and notes that, at
the same time, the stock repurchase represents a continuation of the
shareholder value-oriented business strategy of the art dealership which
has been listed on the Frankfurt Stock Exchange since the start of 2012:
'The 'Treasury Stock', which we intend to accumulate in successive rounds,
will enable us to execute at least smaller acquisitions using shares
without diluting the shareholdings of the current shareholders'.
The shares are to be repurchased exclusively via XETRA trading of the
Deutsche Börse AG (Frankfurt Stock Exchange). In executing the repurchase,
consideration per share to be paid by the company (net of additional
acquisition expenses) may not be more than 10% higher, or 20% lower, than
the average closing price for the preceding ten trading days in the XETRA
trading system (or a comparable successor system) of the Frankfurt Stock
Exchange.
The repurchase will end on 31 August 2013 (latest possible acquisition
date). The company's Management Board may end the repurchase on an earlier
date.
ABOUT WENG FINE AG
Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and
financially strongest art dealerships on the European continent. The
company focuses on works of internationally renowned artists from the 20th
century and, in its core business, exclusively supplies commercial
addresses (B2B). The expertise and market positioning gained over more than
18 years serves as a basis for new business segments such as e-commerce and
editions. Weng Fine Art AG shares are traded on the Frankfurt Stock
Exchange (Entry Standard) since 2 January 2012.
INVESTOR RELATIONS CONTACT DETAILS
edicto GmbH
Axel Mühlhaus
Eschersheimer Landstr. 42 | D-60322 Frankfurt a.M.
Phone +49(0)69 905505-52 | Fax +49(0)69 905505-77
E-mail amuehlhaus(at)edicto.de
End of Corporate News
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Language: English
Company: Weng Fine Art AG
Kimplerstraße 294
47807 Krefeld
Germany
Phone: 02151 937130
Fax: 02151 93713-29
E-mail: art(at)wengfineart.com
Internet: www.wengfineart.com
ISIN: DE0005181606
WKN: 518160
Listed: Frankfurt in Open Market (Entry Standard)
End of News DGAP News-Service
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207319 17.04.2013
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Datum: 17.04.2013 - 08:30 Uhr
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News-ID 249784
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