ots Ad hoc-Service: German Brokers AG <DE0005801807> German Brokers
AG Begins Repurchase of its Stock
German Brokers AG Responds to Low
Valuation
Frankfurt/Main (ots Ad hoc-Service) -
Ad hoc-announcement. The sender is solely responsible for the contents of this announcement.
German Brokers AG Begins Repurchase of its Stock
German Brokers AG (SDAX 580 180) announces the impending purchase of up to 300,000 shares of its own stock according to authorization TOP 11 b at its annual meeting of May 25, 2000. The Board of Directors agreed to the corresponding decision by the Board of Management yesterday.
The purchase transaction is being conducted through the stock exchange, excluding transactions for the Company's own portfolio. The retirement of the acquired shares at a later point remains an option and is actually planned. The acquisition price cannot exceed by more than 20% the stock's average per share market price on the three trading days immediately preceding the purchase.
The purchase authorization can be executed in full or partially once or on several occasions.
Peer Marzi, Chairman of the Board of Management, labelled the repurchase of the Company's own shares as a logical move due to the under valuation of German Brokers AG's stock. The market currently would not offer any equally attractive investment alternatives.
For additional information contact:
German Brokers AG AXINO AG Phone +49-69-247 91-120 Phone +49-711-2 59 81 38 Fax +49-69-247 91-399 Fax +49-711-2 59 82 99
info@german-brokers.de info@ir-extra.de www.german-brokers.de www.ir-extra.de
Issuer's information/explanation remarks concerning this ad hoc announcement:
German Brokers AG Responds to Low Valuation
The Board of Management of German Brokers AG intends to take advantage of the currently low valuation of its common shares by repurchasing its own stock. Peer Marzi, Chairman of the Board of Management, made this announcement to the press. "We consider our stock to be clearly undervalued at its current price," Marzi said. Recently published reports by independent investment research firms have assigned German Brokers AG a fair value of 39 Euro per share. The stock currently trades for less than half that value.
The Board of Management is authorized by the Board of Directors to purchase up to 300,000 shares in the open market. This amount represents approximately 10% of German Brokers AG's outstanding common shares. The Board of Management received the right to purchase its own shares at the Company's annual meeting in May of last year. Plans are to retire the acquired shares.
Given the Company's financial ability and the Board of Management judging the valuation of its shares as especially attractive, plans are to repurchase and retire stock regularly over the coming years.
For additional information contact:
German Brokers AG AXINO AG Phone +49-69-247 91-120 Phone +49-711-2 59 81 38 Fax +49-69-247 91-399 Fax +49-711-2 59 82 99
info@german-brokers.de info@ir-extra.de www.german-brokers.de www.ir-extra.de
WKN: 580180; Index: SMAX Listed: Geregelter Markt in Frankfurt; Freiverkehr in Berlin, Düsseldorf, Hamburg und München
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Original-Content von: German Brokers AG, übermittelt durch news aktuell