Wednesday, May 23, 2012
IFS repurchases own shares
On the basis of the authorization received from the 2012 annual general meeting (AGM), the board of directors of Industrial and Financial Systems, IFS AB (“IFS”), (XSTO: IFS), has decided to repurchase a maximum of 250,000 B shares in IFS, which corresponds to approximately 1.0 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 as soon as possible, during the period from May 24 up to and including August 31, 2012, subject to prevailing legal provisions.
The total number of shares of all series in IFS currently amounts to 25,980,922. On the basis of authorization previously received by the AGM, IFS currently holds 846,966 B shares in own custody, of which 600,000, in accordance with the 2012 AGM resolution, are in the process of being cancelled.
IFS is a public company (OMX STO: IFS) founded in 1983 that develops, supplies, and implements IFS Applications™, a component-based extended ERP suite built on SOA technology. IFS focuses on industries 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 approximately 60 countries with 2,800 employees in total. Net revenue in 2011 was SKr 2.6 billion.
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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 May 23, 2012 at 6.00 p.m. (CEST).