Photon Energy N.V. commences an Equity Buyback Plan under the authorization approved on May 31, 2022.
December 23, 2022 at 02:35 pm EST
Share
Photon Energy N.V. (WSE:PEN) commences share repurchases on December 19, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 31, 2022. As per the mandate, the company is authorized to repurchase its own shares such that the company's equity minus the acquisition price is not less than the aggregate amount of issued share capital and reserves which must be maintained according to law. The price per share share must be at least equal to the nominal value and may not exceed the average of closing prices during the five trading days prior to the date of purchase by 10%. The program is valid for 18 months, till November 30, 2023.
On December 16, 2022, the company announced a share repurchase program. Under the program, the company will repurchase 250,000 Shares, representing 0.42% of its issued share capital, for PLN 3.75 million. The purpose of the program is to meet the obligations arising from the share purchase program for the employees of Photon Energy Group's entities in accordance with the Employee Share Purchase Program Policy dated as of October 1, 2022. The program will commence on December 19, 2022, and will last no longer than 6 months, i.e. until June 19, 2023.
Photon Energy N.V. is specialized in the development, construction and operation of photovoltaic power plants. In addition, the group offers water-related services. The turnover (before elimination of intragroup revenue) is divided across the following activities:
- ownership and management of photovoltaic power plants (53.4%): at the end of 2021, 87 photovoltaic power plants owned with an installed capacity of 90.5 MWp;
- trading in photovoltaic system components (22.9%);
- engineering, development and construction of turnkey photovoltaic systems (15.3%);
- technical management, maintenance and control of facilities (7.1%): management of photovoltaic power plants with an installed capacity of 309 MWp;
- other (1.3%): development of solar projects and water treatment services, remediation of contaminated land, management of wells and other water resources, etc.
The geographical breakdown of the turnover is as follows: Czech Republic (60.4%), Hungary (19.7%), Australia (16.4%), Slovakia (2.5%) and other (1%).
PHOTON ENERGY N.V. 
