SNP SE to initiate a multi-year share buyback program
Publication of Insider Information in Accordance with Article 17 of Regulation (EU) No. 596/2014
Share buyback program
SNP SE to initiate a multi-year share buyback program
Heidelberg, Germany, August 13, 2019 - Based on the authorisation of the Annual General Meeting on May 12, 2016, the Board of Directors of SNP Schneider-Neureither & Partner SE ("the company"; Frankfurter Wertpapierbörse, Prime Standard, ISIN: DE0007203705, WKN: 720370) has decided to launch a multi-year share buyback program commencing on September 1, 2019 with a term until May 11, 2021 at the longest. During this term, the Company plans to buy back shares worth up to EUR 32 million (excluding acquisition costs), however, no more than 638,362 shares, exclusively by way of purchases on the stock exchange.
The Company may use the repurchased shares to offer and transfer them to third parties in exchange for benefits in kind, in particular in the framework of mergers or acquisitions of or participations in companies; to issue, offer for sale or transfer the shares to employees of the Company or affiliates in the meaning of sections 15 et. seqq. of the German Stock Corporation Act or the use the shares for other purposes in connection with an employee participation program pursuant to the terms of such program and/or to fulfil the companies obligations from convertible or option bonds.
The Company will instruct an independent credit institution to buy back the shares. The bank will decide the timing of the repurchase of the shares independently and without any influence of the Company. The Company's right to terminate the mandate and/or extend the mandante to other banks in accordance with the relevant legal provisions shall remain unaffected.
The buyback shall be made exclusively by way of electronic trading on the Frankfurt Stock Exchange (Xetra) and, in accordance with the relevant legal provisions, may by suspended, paused and recommenced at any time.
The price paid by the Company per share (excluding acquisition costs) may not be more than 10% higher or more than 10% lower than the average closing price of Company's share in the Xetra trading system on the Frankfurt Stock Exchange on the last three trading days prior to the obligation to purchase.
In addition, the appointed credit institution will undertake to carry out the buyback in accordance with the authorisation granted by the Annual General Meeting of the Company on May 12, 2016 and the trading conditions of Article 3 of the Delegate Regulation (EU) No. 2016/1052 of the Commission of March 8, 2016 ("Del. Regulation"). According to the Del. Regulation, among other things, no purchase price may be paid that is higher than that of the last independent trade or the highest independent bid at the time of the purchase, in each case on the trading venue on which the purchase takes place. The higher of the two values shall be decisive. In accordance with the Del. Regulation, no more than 25% of the average daily share turnover on the trading venue on which the purchase takes place may be acquired on any one day. The average share turnover shall be calculated from the average daily trading volume of the 20 trading days prior to the specific purchase date.
The transactions will be announced in a detailed and aggregated form in accordance with the requirements of Art. 2 (3) Del. Regulation. Furthermore, the Company will publish the transactions on its website at www.snpgroup.com and ensure that the information remains publicly accessible for at least five years from the date of publication.
With its own solutions, SNP SE supports organizations in adapting their business models and seizing the opportunities of digitalization. SNP software and services facilitate the implementation of business or technical modifications to business applications and enable its customers to implement these modifications automatically.
The unique BluefieldTM approach and world-leading SNP Business Transformation Platform have created the conditions necessary to set an industry standard for automated business transformations. SNP specializes in automatically analyzing, implementing and tracking changes in IT systems. This approach significantly improves quality, reduces risk, and makes transformation projects much faster and more cost-effective in compliance with the highest compliance and security standards.
The SNP Group has around 1,300 employees worldwide. Headquartered in Heidelberg, the company generated revenue of approximately EUR 131 million in the 2018 fiscal year. SNP's customers are global corporations from all industries. SNP was founded in 1994 and has been publicly traded since 2000. As of August 2014, the company is listed on the Prime Standard segment of the Frankfurt Stock Exchange (ISIN DE0007203705). Since 2017, the company has operated as a European stock corporation (Societas Europaea/SE).
Further information is available at www.snpgroup.com
Investor Relations Contact:
Marcel Wiskow Tel: +49 6221 6425-637 Fax: +49 6221 6425-470 Email: firstname.lastname@example.org
13-Aug-2019 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.deLanguage: English Company: SNP Schneider-Neureither & Partner SE Dossenheimer Landstraße 100 69121 Heidelberg
Germany Phone: +49 6221 6425 637 Fax: +49 6221 6425 470 E-mail: email@example.com Internet: www.snpgroup.com ISIN: DE0007203705 WKN: 720370 Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange EQS News ID: 856431 End of Announcement DGAP News Service
856431 13-Aug-2019 CET/CEST