CEWE Stiftung & Co. KGaA commences an Equity Buyback Plan for 479,527 shares, representing 6.44% of its issued share capital, under the authorization approved on June 15, 2022.
July 03, 2023 at 06:12 am EDT
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CEWE Stiftung & Co. KGaA (XTRA:CWC) commences share repurchases on June 28, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2022. As per the mandate, the company is authorized to repurchase up to 479,527 shares, representing 6.44% of its issued share capital, such that the company?s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. The shares will be repurchased at a price per share paid by the company (excluding incidental acquisition costs) may not exceed the price of the company's shares determined on the trading day through the opening auction in the XETRA trading system of the Frankfurt Stock Exchange (or a comparable successor system) by no more than 10%. The repurchased shares may be sold again on the stock exchange or via an offer to all shareholders, used for Capital reduction, exchanged with the approval of the Supervisory Board in the context of business combinations or acquisitions of companies, as well as for the acquisition of other assets and to fulfill dividend claims from the company's shares. The program is valid till June 14, 2027. As of May 2022, the company had 7,442,003 shares issued and 264,673 shares in treasury.
On June 26, 2023, the company announced a share repurchase program. Under the program, the company will repurchase 250,000 own shares, representing 3.3% of its issued share capital, for ?20 million. The repurchases will take place from June 28, 2023 to May 30, 2024.
Cewe Stiftung & Co KGaA is a Germany-based company engaged in the photo processing services. The Company provides photofinishing and online print services. Cewe Stiftung & Co KGaA supplies both the over-the-counter trade and the Internet trade with photos and digital products. The Companyâs activities are divided into three segments. The Photofinishing unit produces and sells photo products. The Proprietary Retail unit trades photo hardware and photo products to end consumers through various brands, such as Fotojoker, Fotolab and Japan Photo, among others. The Online Printing unit operates though online printing portals, such as www.cewe-print.de and others. In addition, the Company sells its own products and photographic hardware, such as cameras. It owns production plants in Poland, Germany and France, among others, as well as distribution branches in Norway, Sweden and Belgium, among others.
CEWE Stiftung & Co. KGaA commences an Equity Buyback Plan for 479,527 shares, representing 6.44% of its issued share capital, under the authorization approved on June 15, 2022.