Cancom SE commences an Equity Buyback Plan for 3,854,000 shares, representing 10% of its issued share capital, under the authorization approved on June 28, 2022.
July 10, 2023 at 12:00 pm EDT
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Cancom SE (XTRA:COK) commences share repurchases on July 3, 2023, under the program mandated by the Annual General Meeting held on June 28, 2022. As per the mandate, the company is authorized to repurchase up to 3,854,000 shares, representing 10% of its issued share capital, such that the company?s holding in treasury together with the shares repurchased does not exceed 10% of its issued share capital at any point of time. If the shares are acquired via the stock exchange, the purchase price (excluding incidental costs) the arithmetic mean of the closing auction prices of the share in XETRA trading (or one comparable successor system) on the Frankfurt Stock Exchange the last 3 stock exchange trading days prior to the acquisition or the entry into of one Obligation to acquire by not more than 10% above or below. In case of tender offer, the offered purchase price (without Ancillary labor costs) or the limits imposed by the Company fixed purchase price per share (excluding incidental acquisition costs) in each case the arithmetic mean of the closing auction prices of share in XETRA trading (or a comparable Successor system) at the Frankfurt Stock Exchange at the last 3 Trading days before the announcement of the offer to buy or the call for Tender submission not more than 10% above or below. The repurchased shares may be sold for cash, transferred to third parties within the framework of Business combinations or the (even indirect) acquisition of companies, parts of companies, operations, parts of operations, shares businesses or other assets (including claims of third parties against the company), for fulfillment of obligations of the Company from conversion and option rights or conversion obligations from the company or from their dependent or majority-owned company Companies issue convertible or warrant bonds or profit participation rights or income bonds (or combinations of all these instruments) or contractual remuneration agreement, granting a conversion or option right or establish a conversion obligation or execution of a scrip dividend. The authorization is valid till June 27, 2027. As of May 13, 2022, the company had 38,548,001 shares issued (excluding treasury) and 2,553,597 shares in treasury.
On June 29, 2023, the company announced a share repurchase program. Under the program, the company will buy back a maximum of up to 3,854,800 shares in the Company, but the buyback is limited to such number of shares or to a total purchase price of ?155 million excluding incidental acquisition costs. The program will begin on July 3, 2023 and is scheduled to end on June 30, 2024 at the latest.
Cancom SE is a German provider of Information Technology (IT) infrastructure and services. The Company diversifies its activities into two business segments: Cloud Solutions and IT Solutions. The Cloud Solutions business segment comprises CANCOM Pironet AG & Co, Pironet AG and synaix Service GmbH, among others. It mainly comprises the Company's Group cloud and shared managed services, including project-related cloud hardware, software and services. The IT Solutions business segment includes CANCOM GmbH, CANCOM ICT Service GmbH and CANCOM SCS GmbH, among others. It offers IT infrastructure and applications support. The range of services provided by the Company's IT Solutions segment includes IT strategy advice, project planning and implementation, system integration, maintenance, training and other IT services, including operation of entire IT departments. The Company is active primarily in Germany and Austria.
Cancom SE commences an Equity Buyback Plan for 3,854,000 shares, representing 10% of its issued share capital, under the authorization approved on June 28, 2022.