Ad-hoc | 31 December 2010 10:19
ZhongDe Waste Technology AG / Key word(s): Share Buyback
31.12.2010 10:19
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
---------------------------------------------------------------------------
Frankfurt, 31 December 2010 - ZhongDe Waste Technology AG (Ticker symbol
'ZEF') decides to continue the original ZDWT 400,000 share buy-back program
2009, which started in September 2009.
During the share buy-back program 2009 343,800 of up to 400,000 treasury
shares were repurchased by ZhongDe Waste Technology AG ('Company'). The
resolution of the Management Board on the share buy-back program 2009,
signed on 06 September 2009, is no longer valid, because the authorization
to buy back shares granted by the AGM on 31 July 2009 was abrogated by a
new authorization granted by the AGM on 29 June 2010. The management board
of the Company is entitled to repurchase up to 1,300,000 treasury shares
according to this new authorization. This corresponds to up to 10 % of the
current share capital of the Company. The Management Board resolved on 31
December 2010 to buy back 56,200 shares in order to complete the share
buy-back program 2009, based on the new authorization granted by the AGM on
29 June 2010.
The share buy-back will start not earlier than 31 December 2010. The
authorization expires on 28 June 2015.
The purpose of the share buy-back is to enable the Company to offer
treasury shares to third parties as consideration for acquisitions of other
companies or participation in other companies or for joint ventures or
co-operations with other companies. Though the Company has sufficient cash
means, the availability of own shares would increase the Company's
flexibility. Further, the share offering in ZhongDe Waste Technology AG as
consideration may turn out to be feasible to build up a long-term
relationship between the Company and potential investors especially in
Asia. In this case the shareholders shall be excluded from subscription of
treasury shares.
The treasury shares will be bought back over the stock exchange. The price
per share paid by the Company (excluding incidental costs of
acquisition)must be within a range of 10 per cent above or below the
opening price at the Frankfurt Stock Exchange's Xetra trading system. The
total amount of payment for the repurchased shares should not exceed EUR
650,000.00 (for 56,200 shares). Not more than 25 per cent of the average
daily turnover of the Company's shares will be repurchased at the
respective stock exchange per day. The average daily share turnover is
calculated on the basis of the average daily trading volume in the relevant
trading segment during the last 20 trading days before the date of
purchase. The share buy-back will be executed by M.M. Warburg Bank, which
will act independently and without influence by the Company on when to
repurchase shares.
William Jiuhua Wang
Executive Director and CFO
E-Mail: william.jw@zhongdetech.com
Ying Sun
Assistant IR Manager
Herriotstr. 1,
60528 Frankfurt am Main
Germany
T: +49 69 67733 172
F: +49 69 67733 200
E-Mail: ying.sun@zhongde-ag.de
Kirchhoff Consult AG
Nicole Schüttforth
T: +49 40 60 91 86 64
F: +49 40 60 91 86 60
E-Mail: nicole.schuettforth@kirchhoff.de
31.12.2010 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: ZhongDe Waste Technology AG
Stadthausbrücke 1-3
20355 Hamburg
Deutschland
Phone: + 49 69 67733 172
Fax: + 49 69 67733 200
E-mail: ying.sun@zhongde-ag.de
Internet: www.zhongde-ag.de
ISIN: DE000ZDWT018
WKN: ZDWT01
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Düsseldorf, Hamburg, München, Stuttgart
End of Announcement DGAP News-Service
---------------------------------------------------------------------------