IFS repurchases own shares
The board of directors of Industrial and Financial Systems, IFS AB (“IFS”), (XSTO: IFS), has decided, on the basis of the authorization received from the annual general meeting 2010, to repurchase a maximum of 265,000 shares of Series B in IFS, which corresponds to approximately 1 percent of all shares in the company, for a maximum aggregate consideration of SKr 30 million. The purpose of the repurchase is to accord the board a greater possibility to adjust the company’s capital structure and thereby contribute to increased stockholder value.
The repurchase will be made on NASDAQ OMX Stockholm pursuant to applicable rules at a share price that falls within the registered range between the highest bid price and the lowest asking price at the time of acquisition, provided the price does not exceed the higher of the price of the last independent trade and the highest current independent bid price. Repurchases will be made during the period from February 17 up to the forthcoming annual general meeting, subject to prevailing legal provisions. The total number of outstanding shares of all series in IFS currently amounts to 26,442,922, of which 500,000 shares of Series B are owned by the company.
IFS is a public company (XSTO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite built on SOA technology. IFS focuses on agile businesses where any of four core processes are strategic: service & asset management, manufacturing, supply chain and projects. The company has 2,000 customers and is present in more than 50 countries with 2,700 employees in total. Net revenue in 2010 was SKr 2.6 billion.
IFS discloses the information provided herein pursuant to the Financial Instruments Trading Act (1991:980) and/or the Securities Markets Act (2007:528). The information was submitted for publication on February 17, 2011 at 9:00 a.m. (CET).