As announced on 7 April and 10 June 2016, the Board of East Capital Explorer AB
(publ) (“ECEX”) has resolved to initiate a share buyback program for as long as
the Company’s shares trade at a discount of more than 20 percent to its most
recently published NAV in SEK. The Board’s repurchase decision falls within the
scope of the authorization given to the Board by the Annual General Meeting
2016. The purpose of the buyback program is to reduce the share capital of East
Capital Explorer.
As of 4 July 2016, East Capital Explorer will adapt its repurchase program to
the Regulation (596/2014/EU) of the European Parliament and of the Council on
market abuse ("MAR") that will be implemented on 3 July 2016 and that includes
conditions for repurchase of own shares (so called “safe harbor” programs).
During the period from 4 July until and including 26 August 2016 (when the
Company publishes its interim report), East Capital Explorer’s repurchase
program will be conducted in accordance with MAR’s safe harbor provisions, which
means that the repurchases are managed by a financial institution that makes
discretionary trading decisions within the following restrictions:
- Repurchases of shares are to be made on Nasdaq Stockholm in
accordance with the rules regarding purchase of a company’s own shares as set
out in Nasdaq Stockholm’s Rule Book for Issuers, and in accordance with MAR’s
safe harbor provisions.
- Repurchases of shares shall be made at a per-share price within the
registered price interval at any given time, which denotes the interval between
the highest bid and the lowest ask price.
- A maximum of 1,585,258 shares may be repurchased during the period 4
July until and including 26 August 2016. The company’s holding of its own shares
may, however, not at any time exceed 10 percent of all shares in the company.
- Repurchases for a maximum of SEK 70m may be made during the period.
- Repurchases may not be made at a price higher than that which
corresponds to 80% of the Company’s latest published NAV per share.
- Payment for the shares is to be made in cash.
The Board of Directors intends to propose to the 2017 Annual General Meeting or
sooner that the share capital in the company be reduced by cancelling the shares
repurchased under this program. Execution of the resolution is dependent upon
market terms, applicable rules and regulations and the company’s capital
position at any point in time.
The total number of shares in East Capital Explorer amounts to 28,161,563. The
company currently holds 1,204,686 own shares.
Contact information
Mia Jurke, CEO, East Capital Explorer, +46 8 505 885 32
Lena Krauss, CFO and Head of Investor Relations, East Capital Explorer, +46 73
988 44 66
About East Capital Explorer
East Capital Explorer AB (publ) is a Swedish investment company, offering unique
investment opportunities in Eastern Europe, where the Baltic countries represent
the company’s largest investment region. The company primarily invests in
unlisted assets within the private equity and real estate segments. East Capital
Explorer’s main investment theme is domestic growth and the company targets fast
growing sectors such as Retail and Consumer goods, Financials and Real Estate.
East Capital Explorer is listed on Nasdaq Stockholm, Mid Cap.
Listing: Nasdaq Stockholm, Mid Cap - Ticker: ECEX - ISIN: SE0002158568 –
Reuters: ECEX.ST - Bloomberg: ECEX SS Equity
This information is disclosed in accordance with the Securities Markets Act, the
Financial Instruments Trading Act and demands made in the exchange rules. It was
released for publication at 3:20 p.m. CET on 1 July 2016.
