Press release
On Thursday, August 14th, 2014, Agora S.A. announced a buyback offer of 2,779,970 own shares. It is the first of two stages of the buyback program which was resolved by the General Meeting of Shareholders in June, 2014. During this stage of the program shares will be purchased between August 25th and September 5th, 2014. The Company shall spend up to PLN 33.359.640 to finance this Offer.
We respect rights of our shareholders and their expectations to participate in the Company's profits that's why we would like to execute the first stage of the buyback program as efficiently as it is possible and according to the accepted timetable. At the same time, we concentrate on building the long-term value of the Company and work industriously on the realization of the Group's development plans which were announced in March, 2014. However, it has to be remembered that the buyback program will influence the choice of development projects and the pace of their implementation, says Bartosz Hojka, President of the Management Board of Agora S.A.
According to the timetable of the first stage of Agora's buyback program, the acceptance of sales offers shall commence on August 25th and will last until September 5th, 2014. The company offers PLN 12.0 for each purchased share. The expected day for settlement is September 12th, 2014.
The entity intermediating in the execution and settlement of the offer is Dom Maklerski BZ WBK SA.
During the first stage of the buyback program Agora plans to purchase 2,779,970 shares of the company, 2,500,000 of which are ordinary bearer shares listed on the main market of the Warsaw Stock Exchange and 279,970 of which are registered shares. The Company shall finance the buyback program from its own financial resources, as well as overdraft available in the current account, explains Grzegorz Kossakowski, Member of the Management Board of Agora S.A.
This offer is the first stage of share buyback program resolved by the General Meeting of Shareholders on June 24th, 2014. In accordance with the resolution, the program comprises of bearer shares listed on Warsaw Stock Exchange and the company's registered shares. To execute the program, Agora may purchase up to 3,638,380 own shares, both ordinary bearer and registered, for the purpose of their redemption. This stake of shares represented no more than 10% of share capital of the company, as on the day of adoption of the resolution by the General Meeting of Shareholders.
According to the resolution of the General Meeting of Shareholders, the Management Board of Agora S.A. decided to announce share buyback program and execute it in two stages. The first stage was to be announced before August, 29th, 2014, whereas the second stage will be announced no later than on June, 30th 2015.
The procedure of the share buyback program can be found in the Offer for the purchase of shares of AGORA S.A.