IFS continues repurchasing own shares
In addition to previously communicated repurchases, 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, to further repurchase a maximum of 140,000 B shares in IFS, which corresponds to approximately 0.5 percent of all shares in the company, for a maximum aggregate consideration of SKr 15 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 as soon as possible, during the period from July 28 up to December 20, 2011, subject to prevailing legal provisions.
The total number of outstanding shares of all series in IFS currently amounts to 26,456,922. As per July 27, 2011, IFS held 759,149 B shares in own custody, of which 500,000 are subject to cancellation as resolved by the annual general meeting 2011.
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 July 27, 2011 at 3:00 p.m. (CET).