Mennica Polska Spolka Akcyjna announces an Equity Buyback for 500,000 shares, representing 10% for PLN 7.11 million.
December 14, 2015
Share
Mennica Polska Spolka Akcyjna (WSE:MNC) commences share repurchases on December 14, 2015 under the program mandated by the Annual General Meeting held on May 21, 2015. As per the mandate, the company is authorized to repurchase 500,000 own shares, representing 10% of share capital of the company for PLN 7.11 million. The price of the repurchase Shares will not be higher than the last price before the transaction of acquisition of Shares on the Regulated Market or the current highest independent sale offer of shares on the Regulated Market and at the same time not higher than PLN 14.20 per share. The shares will be purchased through a brokerage house in anonymous trading on the Regulated Market in block transactions. The purpose of repurchase program is justified by the current situation on the Regulated Market. Due to the low liquidity of the shares, the Company plans to acquire Own Shares in the amount of up to 50% of the daily, corresponding, average trading volume of the Company shares on the Regulated Market within 20 days prior to each date of acquisition. The Management Board may resign from the implementation of the Share Buyback Program or terminate the share buyback program before the scheduled date. The repurchase program will be valid till June 30, 2016.
As on December 14, 2015, the company announced the implementation of repurchase program.
Mennica Polska SA is a Poland-based mint. It is engaged in the production of circulation and collector coins, medals, signs, decorations, seals and related products. It is also focused on precious metal processing, including the processing of gold, platinum, palladium, iridium and rhodium for various needs. In addition, it is involved in the production of gold and platinum paints for glass and porcelain decoration; the manufacture of half-finished products for the jewelry trade sector; the production of laboratory equipment; the production of precious metal powders for the electronics industry and gold powder for polychromy; security services; electronic payments; Information Technology (IT) services; maintenance and repair; industrial waste utilization; and real estate. It operates several subsidiaries, including Mennica Invest Sp. z o.o., Mennica Ochrona Sp. z o.o., Mennica-Metale Szlachetne SA, Skarbiec Mennicy Polskiej SA and Menica FIZAN, among others.