Austrian property company Immobilien Invest said it planned to buy back up to 10% of the company’s issued share capital in the first half of 2008. The company said it would purchase as many as 8,535,927 shares at a price between EUR 8 and EUR 11 per share, for a maximum investment of EUR 93.9 mln.
Austrian property company Immobilien Invest said it planned to buy back up to 10% of the company’s issued share capital in the first half of 2008. The company said it would purchase as many as 8,535,927 shares at a price between EUR 8 and EUR 11 per share, for a maximum investment of EUR 93.9 mln.
Conwert said its administrative board had approved the share buyback programme because its shares are currently trading at a 35% discount to its book value. The company said this provides a ‘good opportunity to buy back own shares at a cheap level to use them amongst others for later acquisitions.’
An extraordinary general meeting held on October 25 gave the board authorisation to launch a share buyback over the next 18 months. The company’s shares are listed on the Vienna stock exchange.
