Share Buyback
Share Buyback is the possibility to purchase shares of the own company. The share buyback must be approved by the Annual General Meeting. The par value of the shares held may not exceed 10% of the share capital.
Overview of the Current Share Buyback Program
On August 26, 2004 Telekom Austria announced the beginning of the share buyback currently underway.Details of the share buyback program were announced on March 24, 2004 for the first time. In the Annual General Meetings of May 25, 2005, May 23, 2006 and May 30, 2007 they were adapted and are comprised of the following:
- Buyback of 46 million shares, i.e. up to 10% of the current common stock
- Price band: EUR 9 to EUR 30
- Duration of authorization until November 30, 2008
- The buyback takes place via the stock exchange
- By previous resolution of the annual general meeting, the Management Board is authorized to reduce common stock by cancelling own shares up to 10% (EUR 100,326,000.-).
- Shares repurchased can be used
- to serve stock options or to issue shares to employees
- to serve convertible bonds
- as consideration for acquisitions
- to sell the shares
Prerequisite for implementation is that enough reserves are available in the single financial statement of Telekom Austria AG. At December 31, 2007 reserves of EUR 576,5 million were available for repurchase.
Due to the acquisition of MDC the target level of net debt/EBITDA of 2.0x has been exceeded and therefore Telekom Austria Group froze the acquisition of treasury shares in 4Q 07.
Telekom Austria Group Acquires 70% Stake in Belarusian Mobile Operator MDC for 5.9x08E EBITDA
Details on shares repurchased will be announced here.
Daily buyback information as XLS document (115.0 KB)
The following documents were released in connection with the share buyback:
Resolution of the Management Board of March 19, 2007 to Cancel Treasury Shares (18.9 KB)
Resolution of the Management Board of May 23, 2006 to act on the authorization to buyback shares (21.8 KB)
Resolution of the Management Board of May 25, 2005 to act on the authorization to buyback shares (71.2 KB)
Amended authorization by the annual general meeting of June 3, 2004 to repurchase shares (64.4 KB)
Resolution of the Management Board of March 24, 2004 to act on the authorization to buyback shares (63.5 KB)
Buyback in the Course of the Stock Option Program on February 27, 2004
On February 27, 2004 stocks amounting to 0.67% of the share capital were repurchased to serve stock options.Ad Hoc Release of February 20, 2004 on the Intention to Buyback
Report about the Buyback, Pursuant to Para 7 Disclosure Regulation 2002 (52.8 KB)