DGAP-News: Aroundtown SA / Key word(s): Share Buyback/Real Estate
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AROUNDTOWN INCREASES TOTAL BUY-BACK VOLUME TO UP TO €1 BILLION AND RESOLVES ON PUBLIC SHARE PURCHASE OFFER TO BUYBACK OWN SHARES
01 September 2020.
The board of directors of Aroundtown ("the Company" or "AT") resolved today, in addition to its ongoing share buy-back program as announced on 2 June 2020 to execute a public share purchase offer of up to 165 million shares of the Company against payment of a purchase price in the range of €4.6 to €5.0 per share. The acceptance period will start on 3 September 2020 and end on 16 September 2020 (24:00 CEST). The public share purchase offer will run in parallel to the existing buy-back program and the volume of the entire share buy-back executed by the Company has been set at an amount of up to €1 billion. Further details on the share purchase offer will be published in the next days on the Company's website under the following link: https://www.aroundtown.de/investor-relations/equity/share/share-buyback/.
The decision to increase the volume of the share buy-back follows Aroundtown's successful disposal activity of which year-to-date €1 billion have been signed above book value. The opportunity to acquire its own shares at a significant discount to net asset value, fueled by disposals above book value, enable the Company to capitalize on the wide gap between the share price and actual market levels and the current operational performance of AT. The Company's conservative financial policy will be sustained under the buy-back program.
Aroundtown is currently in advance negotiations for disposals of over €1 billion, in addition to the signed €1 billion disposals year-to-date. The share buy-back program utilizes the shareholder authorization received during the OGM in the beginning of May 2020 and enables the Company to acquire up to 20% of the aggregate nominal amount of issued share capital.
About the Company
Aroundtown SA (ISIN: LU1673108939) is a public limited liability company (société anonyme) established under the laws of the Grand Duchy of Luxembourg, registered with the Luxembourg Trade and Companies Register (Registre de Commerce et des Sociétés, Luxembourg) under number B217868, having its registered office at 40, Rue du Curé, L-1368 Luxembourg, Grand Duchy of Luxembourg.
T: +352 285 7741
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THESE MATERIALS DO NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE OR A SOLICITATION OF AN OFFER TO PURCHASE SECURITIES OF THE COMPANY IN THE UNITED STATES, GERMANY OR ANY OTHER JURISDICTION.
THIS ANNOUNCEMENT MAY CONTAIN PROJECTIONS OR ESTIMATES RELATING TO PLANS AND OBJECTIVES RELATING TO OUR FUTURE OPERATIONS, PRODUCTS, OR SERVICES, FUTURE FINANCIAL RESULTS, OR ASSUMPTIONS UNDERLYING OR RELATING TO ANY SUCH STATEMENTS, EACH OF WHICH CONSTITUTES A FORWARD-LOOKING STATEMENT SUBJECT TO RISKS AND UNCERTAINTIES, MANY OF WHICH ARE BEYOND THE CONTROL OF AROUNDTOWN SA. ACTUAL RESULTS COULD DIFFER MATERIALLY, DEPENDING ON A NUMBER OF FACTORS.
|40, Rue du Curé|
|Grand Duchy of Luxembourg|
|Phone:||+352 288 313|
|ISIN:||LU1673108939, XS1227093611, XS1336607715, XS1403685636, XS1449707055, XS1532877757, XS1540071724, XS1586386739, XS1649193403, XS1700429308, XS1715306012, XS1761721262, XS1815135352, XS1753814141, CH0398677689, XS1857310814|
|WKN:||A2DW8Z, A1Z07A, A18V71, A180VY, A1839S, A1899S, A19LQR, A19QUX, A19Q3W, A19VK9, A19Z76, A19U7Q|
|Indices:||MDAX, MSCI, STOXX Europe 600, S&P 350, FTSE EPRA/NAREIT, GPR 250|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Stuttgart; Dublin, Luxembourg Stock Exchange, SIX|
|EQS News ID:||1125801|
|End of News||DGAP News Service|