Tuesday, May 11, 2010
Extended share repurchase in IFS
The Board of Directors of IFS AB ("IFS"), (OMX Nordic Exchange: IFS A and IFS B), has decided, in accordance with the authorization received from the Annual General Meeting (AGM) March 25, 2010, to extend the repurchase of Series B shares in IFS, initially published April 29, 2010. The purpose is to adjust the company’s capital structure and thereby contribute to increased stockholder value.
The total amount shall not exceed 500,000 IFS B shares, which corresponds to approximately 1.9 percent of the total number of shares outstanding in IFS. The acquisition price shall not exceed SKr 40 million. The board intends to propose to the coming AGM that the repurchased shares be cancelled.
The repurchases are being made on the OMX Nordic Exchange Stockholm from April 29, as previously communicated, and onwards 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 that the price does not exceed the higher of the price of the last independent trade and the highest current independent bid price.
The company currently owns 240,739 B-shares, of which 147,501 are currently in the process of being cancelled and 93,238 have been purchased since April 29. The total number of outstanding shares in the company of both series is 26,405,422, not including the 147,501 currently 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 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 2009 was SKr 2.6 billion.The information is that which IFS is required to declare by the Securities Business Act and/or the Financial Instruments Trading Act. The information was submitted for publication on May 11, 2010, at 4:25 p.m. CET.