Other Capital Market Information | 26 November 2013 13:26
FUCHS PETROLUB SE / Bekanntmachung nach Art. 4 Abs. 2 der Verordnung (EG) Nr. 2273/2003
26.11.2013 13:26
Dissemination of a Post-admission Duties announcement, transmitted by
DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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FUCHS PETROLUB launches share buyback program and plans to issue bonus
shares (capital increase from corporate funds)
Mannheim, November 26, 2013
The Executive Board at FUCHS PETROLUB SE today passed a resolution,
exercising the authorization issued by the Annual General Meeting on May 5,
2010, to acquire a maximum of one million ordinary and one million
preference shares in the company for a total purchase price of up to EUR
100 million. On the basis of the closing price on November 25, this
corresponds to around 2.4% of the current share capital.
The decision was taken in light of the robust shareholders' equity, the
sound business development and cash flow development in the year to date,
as well as to optimize the capital structure. The envisaged volume is based
on the amount of surplus cash and the anticipated free cash flow in the
next few months.
At the same time, the dividend policy currently in place, which targets
constant increases or at the very least stable dividend payouts, will be
continued. Furthermore, the Executive Board intends to propose a capital
increase from corporate funds to the Annual General Meeting on May 7, 2014.
This capital increase would involve issuing bonus shares at a ratio of 1:1.
The issuing of bonus shares does not have any influence on the absolute
level of shareholders' equity. It only affects its composition.
The share buyback and the proposal to issue bonus shares are an expression
of the Executive Board's confidence in the future economic development of
the FUCHS Group. Additionally an increased trading liquidity of the FUCHS
shares is expected.
FUCHS' acquisition strategy will not be affected. Should suitable
acquisition opportunities present themselves, FUCHS remains capable and
willing to act in this regard. In addition to the cash funds, FUCHS also
has access to free lines of credit totaling more than EUR 100 million.
FUCHS PETROLUB will commence the buyback of its own shares on November 27,
2013 and complete the buyback process by March 31, 2015.
The share buyback is carried out by a bank, which is independent and not
influenced in its decision on when to acquire the company's shares,
provided legal regulations and the company's requirements regarding volume
and the period of validity of the order are met. The bank is in particular
obligated to execute the share buyback program in accordance with the
trading provisions of EC Council Regulation No. 2273/2003 in the version
dated December 22, 2003.
In this context, the purchase price per share (excluding ancillary
acquisition costs) may neither exceed nor fall below the mean share price
(closing auction price of the FUCHS share on the Xetra trading system) on
the last three days of trading prior to the purchase obligation by more
than 10%. The shares will be acquired exclusively for the purpose of
redemption based on the authorization resolution of the Annual General
Meeting from May 5, 2010.The share buyback program may be halted and
resumed at any time in line with the legal stipulations to be observed.
The shares are to be acquired in XETRA trading. The buyback is to be
performed in compliance with the EC Council Regulation. Further and
regularly updated information on the progress of the share buyback program
can be viewed on the Internet at www.fuchs-oil.com (Investor
RelationsShare Buyback Program).
Mannheim, November 26, 2013
FUCHS PETROLUB SE
The Executive Board
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Language: English
Company: FUCHS PETROLUB SE
Friesenheimer Str. 17
68169 Mannheim
Germany
Internet: www.fuchs-oil.de
End of Announcement DGAP News-Service
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