29.09.2004
Valora: Continuation of the share buyback programme based on further progress of the divestment process
At its last meeting, the Board of Directors of Valora Holding AG noted the good progress which was being made with the divestment process. Specific sales actions will be disclosed in coming weeks.
As already announced, the proceeds of the divestments will be returned to shareholders through share buybacks. At an Extraordinary General Meeting convened for 20 October, the Board of Directors will be seeking authority to buy back a third tranche of not more than 270,000 proprietary registered shares via the existing second trading line. These registered shares will then be destroyed.
The Extraordinary General Meeting will first be asked to resolve to reduce the share capital by the destruction of shares from the 2003/2004 share buyback programme. After the reduction decision, the share capital of Valora Holding AG will still be CHF 35,700,000. This is equivalent to a 15% reduction of the original share capital of CHF 42,000,000 before the focussing process was put in hand. With the third tranche of the buyback programme, the share capital shall be reduced by a further 7.6% at the Ordinary General Meeting in spring 2005.
The Extraordinary General Meeting will first be asked to resolve to reduce the share capital by the destruction of shares from the 2003/2004 share buyback programme. After the reduction decision, the share capital of Valora Holding AG will still be CHF 35,700,000. This is equivalent to a 15% reduction of the original share capital of CHF 42,000,000 before the focussing process was put in hand. With the third tranche of the buyback programme, the share capital shall be reduced by a further 7.6% at the Ordinary General Meeting in spring 2005.
- Press Release (pdf, 132.22 KB)
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