On October 9, 2008, the Management Board of Bertrandt AG decided to buy back up to 100,000 of its own shares for a staff participation program.
Bertrandt’s employees are a key determinant for its long-term business success. A high level of dedication, openness, trust and loyalty are the values determining the way in which they go about their daily work. Commitment beyond the call of duty and a high degree of initiative are just as much par for the course as taking responsibility as an “entrepreneur within a company”. The employee stock program seeks to encourage this and to strengthen staff-bonding effects.
At the same time, the current stock market conditions offer an opportunity for acquiring stock for staff at a price below analysts’ current targets (available at Analysis/Research).
The transaction is being executed in accordance with the “safe harbor” provisions contained in Sections 14 (2) and 20a (3) of the German Securities Trading Act in connection with Regulation (EC) No. 2273/2003. The purchase price (net of transaction costs) must not exceed the highest price at which the Company’s stock has closed in the previous ten trading days in XETRA trading, i.e. EUR 22.00. The transaction will be executed by Landesbank Baden-Württemberg up until January 15, 2009. This bank will be solely responsible for determining the date of purchase of the shares.
The date and scope of the employee stock program ultimately depends on the success of the planned buy-back transaction. Bertrandt AG will be providing reports on the purchase of its shares on its website at www.bertrandt.com.
However, given current conditions in the capital market, Bertrandt AG also reserves the right to terminate the share repurchase program at any time.
The share repurchase program has been completed on November 24, 2008.
Status quo of share repurchase
Overview of share repurchase