Cuxhaven, November 8, 2018 – The Board of Management of PNE AG today decided to implement a share buy-back programme on the basis of the authorisation granted by the Company's general meeting of shareholders on May 31, 2017 and with the approval of the Supervisory Board. The Company will acquire up to 2.19 million of its own shares (approximately 2.86 % of the company´s current registered share capital).
The buy-back will be made by means of a voluntary public share buy-back offer against payment of a cash consideration within a purchase price range of EUR 2.25 up to EUR 2.74 per share (excluding incidental acquisition costs). The final purchase price per share will be determined by the company following the end of the acceptance period and based on the regulations of the offer document.
The acceptance period of the share buy-back programme starts on November 12, 2018, 00:00 hours (CET), and ends on November 30, 2018, 24:00 hours (CET). The share buy-back programme may be extended, suspended and also resumed at anytime where necessary and permitted under law.
The shares are intended, on the one hand, to meet PNE AG's obligations arising from the 2014/2019 convertible bonds, which expire in the coming year and bear interest at 3.75% p.a., and, on the other hand, for the purpose of redemption.
Further details on the public share buy-back offer can be taken from the offer document, which will be published on November 8, 2018 and therewith before the start of the acceptance period on the corporate website of the company (www.pne-ag.com) in the section “Investor Relations / Share / Share Buy-back” and subsequently in the Federal Gazette under www.bundesanzeiger.de.