Photocure - Share buy back and proposed extraordinary dividend of NOK
4.00/share
(Thomson Reuters ONE) - The Board of Directors of Photocure ASA decided on the 27th ofOctober 2009 to initiate a share buyback program under the existingpower of attorney. The Board also decided to propose call anextraordinary dividend of NOK 4.00 per share. The Board of Directorsmoreover proposes that the existing power of attorney to buy ownshares, restricted to 3% of Photocure's share capital, is extended toup to 10% of the company's share capital. The objective of the sharebuyback program and the proposed extraordinary dividend is to reducethe capital in Photocure. Photocure will seek to amortize the sharesthat are bought back.In connection with the above, the company will call for anextraordinary general meeting to be held on the 25th of November2009.The sale of the rights, assets, and liabilities related to Metvix forup to EUR 51 million as reported on 1 October 2009, has givenPhotocure a significant cash position. The Board of Directorsconsiders it appropriate to let the Shareholders of the company takepart in this cash position through the proposed extraordinarydividend and also believes that it is value enhancing for theShareholders to use some of the cash to buy back own shares.Given approval from the planned extraordinary general meeting, thedividend will be paid during December 2009 to the Shareholders of theCompany as at the date of the extraordinary general meeting.The buy back of shares will commence immediately and be carried outon Oslo Stock Exchange in line with market practice and in accordancewith the regulations of Oslo Stock Exchange. The buy backs will be upto 25% of the daily volume in the share, but in total be below 3% ofthe company's share capital until the extended limit of 10% of thecompany's share capital potentially is approved by the extraordinarygeneral meeting as outlined above. Reference is given to the power ofattorney given in the general meeting of 29th of April 2009:"Theboard of directors is, in accordance with the Public LimitedCompanies Act § 9-4, authorised to acquire own shares in the totalnominal value of NOK 331,399. The price for each acquired share shallbe minimum NOK 1 and maximum NOK 100. The board of directors may inits own discretion decide on the means to be used to acquire anddispose of shares. The authorization is valid until the ordinarygeneral meeting of 2010, but will in any event cease to be valid on30 June 2010."The Board of Directors considers that Photocure, independently of theproposed measures, will have the financing to carry through thecompany's current development program and to evaluate newopportunities going forward. Photocure will, as previously stated,focus its dermatology activities on the development andcommercialization of Visonac(TM) and other products to establish astrong commercial platform with PDT based technology besides itsother operations.For further information, contact:Photocure ASAAttn. Kjetil Hestdal (President and CEO) or Christian Fekete (CFO)Hoffsveien 48NO-0377 Oslo, Norwaywww.photocure.comE-mail: kh(at)photocure.no or cf(at)photocure.noTelephone: +47 22 06 22 10Kjetil Hestdal mobile +47 913 19 535 - Christian Fekete mobile +47916 42 938This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 28.10.2009 - 08:02 Uhr
Sprache: Deutsch
News-ID 7503
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