S.A.G. Solarstrom AG extends period for share buyback
- Buyback now planned to run until April 30, 2010 and is result of positive business trends and bright prospects for 2010
- Decision encompasses volume of up to 500,000 own shares
- CloseBrothers Seydler Bank AG authorized with independent implementation
Freiburg, December 23, 2009. S.A.G. Solarstrom AG (German security identification number: 702 100, ISIN: DE0007021008), Freiburg, today decided to extend the buyback program currently in progress in accordance with the empowerment granted at the annual shareholders’ meeting of July 13, 2009, both with regard to the time period and the volume of shares, and to buy back a further maximum of 500,000 own shares between now and April 30, 2010. This decision is based on the current positive business development and the bright prospects for the next fiscal year. In their announcement yesterday, S.A.G. Solarstrom AG confirmed their forecast for fiscal year 2009 for sales of between €125 and €140 million and an EBIT of between €5 and €8 million, and announced sales of between €190 and €210 million and an EBIT of between €8 and €11 million for fiscal year 2010.
In addition to the 15,378 S.A.G. shares acquired between July 2 and July 10, 2009, the company also acquired a total of 529,557 own shares up to yesterday’s date since July 17, 2009. As 7,735 shares were used to exercise conversion privileges in August 2009, S.A.G. Solarstrom AG thus had 537,200 own shares in their portfolio at the end of trading yesterday. The CloseBrothers Seydler Bank of Frankfurt/Main has once again been commissioned to independently implement this extended share buyback program. Under the terms of the program, the bank may not exceed 25% of the average trading volume on all German stock exchanges on the twenty trading days prior to each day of repurchase. The purchase price must not exceed or fall below the arithmetic mean of the opening prices in XETRA trading on the Frankfurt am Main Stock Exchange on the five trading days prior to the repurchasing commitment of own shares by more than 10%.
According to the authorization granted at the shareholders’ meeting on July 13, 2009, shares thus acquired may be used for any legal purpose, particularly as payment for services in kind and particularly in connection with company mergers and the acquisition of companies, company components and company holdings. In addition, these repurchased own shares may – taking the purchase rights of all shareholders into account – be sold in a different manner than through the Stock Exchange or via a rights offer at a price not significantly lower than the stock market price of company shares at equal terms at the time of sale (pursuant to § 186 paragraph 3 sentence 4 of the German Stock Corporation Act (AktG)). The company can also use own shares that are repurchased based on the aforementioned authorization to exercise conversion and option rights, as well as in stock option plans. Shareholders’ purchase rights may be precluded in these example cases.
“ S.A.G. Solarstrom AG continues to remain on course for yield-oriented growth. The continuation of the buyback program enables us to fall back on our own shares, acquired at the current exchange rate, should the strategic need arise. As in August, we can also use the shares to exercise conversion and option rights. In these cases, we will be able to avoid dilution and increase the attractiveness of the S.A.G. shares“, says Dr. Karl Kuhlmann, CEO of S.A.G. Solarstrom AG.
The buyback transactions carried out will be announced every Monday on the S.A.G. Solarstrom AG website at www.solarstromag.com.
About S.A.G. Solarstrom AG
S.A.G. Solarstrom AG (WKN: 702 100, ISIN: DE0007021008) of Freiburg, Germany, are a manufacturer-independent provider of high-quality photovoltaic plants configured to customers’ individual needs. The group constructs efficient plants of all sizes both in Germany and abroad. S.A.G. also produce solar energy at their own plants.
S.A.G. Solarstrom AG’s service portfolio covers the entire life cycle of photovoltaic plants, including energy- and weather-data management, yield reports, and remote maintenance, as well as insurance and financing. The group thus offers a comprehensive value chain in photovoltaics, from yield reports, planning, construction, operations, and monitoring to optimization, repowering, and deconstruction.
Founded in 1998, S.A.G. Solarstrom AG are considered pioneers in the solar industry. Around 160 specialists work at S.A.G.’s four locations in Germany and subsidiaries in Italy, Spain, Austria, and Switzerland.
S.A.G. Solarstrom AG are listed on the open market, Entry Standard of the Frankfurt Stock Exchange as well as according to the rules and standards M:access of the Munich Stock Exchange.
Further information: www.solarstromag.com
S.A.G. Solarstrom AG
Sasbacher Straße 5
79111 Freiburg
Investor Relations
Veit-Gunnar Schüttrumpf
Tel.: +49-(0)761-4770-368
E-Mail: ir@solarstromag.com
Public Relations
Jutta Lorberg
Tel.: +49-(0)761-4770-311
E-Mail: presse@solarstromag.com