PATRIZIA AG implements a share buy-back programme up to a total purchase price of EUR 50m
Augsburg, 18 March 2020. The Management Board of PATRIZIA AG has decided to implement a share buy-back programme with the approval of the Supervisory Board. By making use of the authorisation granted by resolution of the Annual General Meeting of 20 June 2018, the Company will acquire treasury shares via the stock exchange in the period from 19 March 2020 to 31 December 2020 at the latest up to a total purchase price (excluding incidental costs) of up to EUR 50m.
Based on the current share price (EUR 17.12, XETRA closing price on 17 March 2020), this is equivalent to up to 2,920,561 shares or up to 3.16% of the share capital. The share buy-back programme will be carried out under the leadership of a bank, which will make its decisions on the time of acquisition of the shares independently of and uninfluenced by PATRIZIA AG.
The treasury shares to be acquired as a result of the share buy-back programme may be used for all legally permitted purposes, in particular also as (partial) consideration within the scope of business combinations or for the acquisition of companies, interests in companies or parts of companies. The share buy-back programme is financed from available liquidity, which has again increased significantly compared to the previous year (EUR 506.9m) to EUR 607.0m as at 31 December 2019.