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Investor relations

Current reports

Current report 47/2008

Report concerns:
Buy-back program for the redemption of own shares

Report’s text:
Pursuant to Article 56 clause 1 point 1 of the Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading, and Public Companies of 29 July 2005 (Journal of Laws No. 183 item 1558) (the “Act”) J.W. Construction Holding S.A. with its registered office in Ząbki (the “Company) hereby informs that the Company is launching a buy-back program for the redemption of own shares and lowering the share capital (the “Program”), under the conditions determined in Resolution No. 26 of the Ordinary Meeting of Shareholders of 19 June 2008. The Program shall be executed in line with Commission Regulation (EC) No. 2273/2003 of 22 December 2003 (the “Regulation”).
The Program shall be executed under the following conditions:
Duration: until 30 June 2009 or until funds for the execution of the Program are available;
Number of shares purchased under the Program: not fewer than 1,500,000 and not more than a product of the amount of PLN 55,000,000 divided by the acquisition price of the shares;
The maximum amount foreseen for the execution of the Program: PLN 55,000,000 (fifty five million).
The source of funds for the execution of the Program: the Company’s supplementary capital from previous years profits.
The daily volume of Shares purchased under the Program shall not exceed 20% of the average daily volume of trading in the Company’s shares from the last 20 daily sessions preceding a given Program execution day. In the case of exceptionally low liquidity of the Company’s shares, up to 50% of the trading volume may be purchased under the Program, calculated in line with the aforementioned method, following prior notification of the Polish Financial Supervision Authority and furnishing information on the possibility to exceed the 25% threshold, in the form of the current report.
The price of the purchased shares may be the higher of the price of the last independent trade and the highest current independent bid at the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.) (“GPW”).
The Program shall be executed and managed by an investment firm as determined in Article 6 clause 3 letter B) of the Regulation.