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BRIEF-iAlbatros Group plans share buyback from unit sale proceeds
December 22, 2016 / 9:59 AM / a year ago

BRIEF-iAlbatros Group plans share buyback from unit sale proceeds

Dec 22 (Reuters) - iAlbatros Group SA :

* Said on Wednesday that it is not going to distribute profit from sale of its unit, iAlbatros Poland SA, among its shareholders in dividends but plans a share repurchase

* Said that expected balance and financial results will not allow for distribution of dividends or advance dividends in 2017 in the amount equal or similar to the amount that the company is planning to allocate for share repurchase

* Estimates the sale price of iAlbatros Poland SA at the level of at least 140 million zlotys ($33.18 million) on an enterprise value basis

* Estimates the value of the share repurchase at no less than 120 million zlotys and no more than 160 million zlotys and sees the amount of shares bought back not not greater than 33 pct of all votes

* The company’s management board’s opinion was issued as a response to shareholders’ questions

* The company shareholders’ meeting to decide on the possible sale of iAlbatros Poland SA will be held on Dec. 28

Source text for Eikon:

Further company coverage:

$1 = 4.2195 zlotys Gdynia Newsroom

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