Corporate | 17 April 2013 08:30
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Weng Fine Art AG / Key word(s): Miscellaneous
PRESS RELEASE | 14 APRIL 2013 Weng Fine Art AG approves repurchase of own shares: 'Treasury stock' as acquisition currency In accordance with Section 71 (1) No. 8 AktG (German Stock Corporation Act), the CEO and the board of Weng Fine Art AG (WFA) have determined that they will exercise the authorisation given to them by the resolution of the General Meeting on 26 September 2011 to repurchase company shares. In total, up to 50,000 shares – corresponding to approximately 1.8% of the company's share capital – can be purchased. The company intends to create 'Treasury Stock' this way, which may be used for any legally permissible purpose. In particular, use of the shares as an acquisition currency is an option. 'Acquisitions and equity investments will be an integral part of our strategy for the future', explains CEO Rüdiger K. Weng and notes that, at the same time, the stock repurchase represents a continuation of the shareholder value-oriented business strategy of the art dealership which has been listed on the Frankfurt Stock Exchange since the start of 2012: 'The 'Treasury Stock', which we intend to accumulate in successive rounds, will enable us to execute at least smaller acquisitions using shares without diluting the shareholdings of the current shareholders'. The shares are to be repurchased exclusively via XETRA trading of the Deutsche Börse AG (Frankfurt Stock Exchange). In executing the repurchase, consideration per share to be paid by the company (net of additional acquisition expenses) may not be more than 10% higher, or 20% lower, than the average closing price for the preceding ten trading days in the XETRA trading system (or a comparable successor system) of the Frankfurt Stock Exchange. The repurchase will end on 31 August 2013 (latest possible acquisition date). The company's Management Board may end the repurchase on an earlier date. ABOUT WENG FINE AG Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and financially strongest art dealerships on the European continent. The company focuses on works of internationally renowned artists from the 20 th century and, in its core business, exclusively supplies commercial addresses (B2B). The expertise and market positioning gained over more than 18 years serves as a basis for new business segments such as e-commerce and editions. Weng Fine Art AG shares are traded on the Frankfurt Stock Exchange (Entry Standard) since 2 January 2012. INVESTOR RELATIONS CONTACT DETAILS
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| Language: | English | |
| Company: | Weng Fine Art AG | |
| Kimplerstraße 294 | ||
| 47807 Krefeld | ||
| Germany | ||
| Phone: | 02151 937130 | |
| Fax: | 02151 93713-29 | |
| E-mail: | art@wengfineart.com | |
| Internet: | www.wengfineart.com | |
| ISIN: | DE0005181606 | |
| WKN: | 518160 | |
| Listed: | Frankfurt in Open Market (Entry Standard) | |
| End of News | DGAP News-Service |
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| 207319 17.04.2013 |