Germany: PNE WIND Approves Share Buyback Programme

PNE WIND AG’s Board of Directors resolved on 3rd December 2012 to buy back up to 4,126,700 of its own shares on the stock exchange during the period from 4th December 2012 to 30th June 2013 (anticipated). The buyback volume amounts to approx. 9 percent of the company’s total share capital.

The Board of Directors is thus making use of the shareholders meeting’s resolution dated 14th May 2009 which authorizes it to purchase up to 4,126,700 of its own shares by 13th May 2014. The shares bought back can be used for all purposes foreseen in the shareholders meeting’s authorization resolution. This includes retiring the shares, the placement of the shares with select investors for cash payment close to the stock exchange price and or use of the shares for the acquisition of companies or investment in companies.

The share buyback will be carried out under the leadership of a bank, which will make its decision on the timing of individual buybacks independently and uninfluenced by PNE WIND AG. The buyback of the shares will be carried out in accordance with § 14, Paragraphs 2 and 20 a WpHG and take the safe harbour regulations in accordance with EC no. 2273/2003 into account.

The purchase price of the shares ( excluding secondary transaction costs) may not lie more than 10 percent above or below the average Xetra closing price on the Frankfurt stock exchange on the five days preceding each purchase. Based on the Xetra closing price for PNE WIND shares on 30th November 2012, the maximum buyback volume would amount to little more than EUR 8.4 million. This volume may be changed by variations in the share price.

If required and legally permissible, the buyback programme can be suspended and restarted at any time.

[mappress]

Press release, December 4, 2012; Image: PNE WIND