BADEN-BADEN (dpa-AFX) - The leasing specialist Grenke intends to buy back its own shares. However, the share buyback program is subject to the approval of the German Federal Financial Supervisory Authority (Bafin), the company announced in Baden-Baden on Tuesday. Grenke did not provide any information on the possible volume. The shareholders had already authorized the Management Board to purchase treasury shares at the 2020 Annual General Meeting, but in the same year the short seller Viceroy had raised serious allegations about the company's business practices.

A special audit by the financial supervisory authority Bafin subsequently identified organizational deficiencies. Grenke ultimately received a full audit certificate for its balance sheets, but subsequently also reorganized its shareholdings and took over franchise companies whose role had been criticized by investors. The Grenke share has still not recovered from the price losses at that time. Following the announcement that the company would buy back its own shares, the share price rose by almost four percent, but was unable to maintain its gains.

Most recently, the share price rose by only around half a percent to 23.10 euros. In the year to date, Borsen's value has risen by almost a fifth to just over one billion euros again. At the beginning of February 2020 - i.e. before the coronavirus pandemic and the Vicory allegations - the share price was still more than 100 euros at times. The valuation at the time was almost five billion euros./mne/zb