DORTMUND - adesso SE, a European IT service provider, has announced its plans to repurchase up to EUR 10 million worth of its own shares. This decision, made by the company's Executive Board, is in line with the authorisation from the Annual General Meeting held on June 3, 2020, under Section 71 (1) No. 8 of the German Stock Corporation Act.
The buyback program, which excludes incidental acquisition costs, represents approximately 2.1% of adesso SE's share capital at the current share price level, as per the Xetra closing price on October 10, 2024. The company has delegated the execution of this program to a bank, which will independently decide on the timing of the share purchases without influence from adesso SE. The transactions will be conducted on the stock exchange.
The repurchased shares can be utilized for any purpose outlined in the 2020 Annual General Meeting authorisation. The buyback is set to commence no earlier than October 14, 2024, and is expected to be completed by April 11, 2025. The process will adhere to the regulations of the European Union, specifically Regulation (EU) No. 596/2014 and the Commission Delegated Regulation (EU) 2016/1052.
adesso SE has indicated that it will release further details concerning the buyback program before it begins. This move is a strategic financial decision for the company and is part of the broader trend of share buybacks in the market. It should be noted that the information presented in this article is based on a press release statement from adesso SE.
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