BFW Liegenschaften buys back shares
BFW Liegenschaften AG intends to implement a share buyback program of up to 20 percent of the share capital. Registered shares A with a maximum value of CHF 42.1 million are to be repurchased.
With an equity ratio of 43.9 percent, BFW Liegenschaften has a "robust capital base" and expects an inflow of funds from the sale of smaller investment properties by the end of the year. With the share buyback in the equivalent of a maximum of 42.1 million, unneeded liquidity can be returned to shareholders, the real estate company says. In addition, shareholders could sell part of their stake at a premium over the current share price.
The public buyback offer will be made at a fixed price of CHF 45.00 per registered share A, which corresponds to a premium of 5.37 percent on the average volume-weighted stock market price of the last 20 trading days (record date October 3, 2018), BFW Liegenschaften said.
According to the information, the buyback volume amounts to a maximum of 935,351 registered shares A with a par value of CHF 7.50, which is 20 percent of the share capital. Beat Frischknecht, as the direct and indirect main shareholder, does not wish to participate in the share buyback program, the statement continues.
An Extraordinary General Meeting is expected to be held on December 5, 2018, at which the cancellation of the repurchased shares is to be resolved. If the Annual General Meeting approves and the debt call is executed, the capital reduction is expected to be completed in February 2019. (ah)
