DGAP-News: Drägerwerk AG & Co. KGaA
/ Key word(s): Miscellaneous
Drägerwerk AG & Co. KGaA ("Dräger") will engage in a share buyback. During November 2, 2021 and probably November 17, 2021 Dräger intends to buy back approximately 70.000 of its own preferred shares.
The share buyback serves the implementation of the employee participation program resolved on 27 September 2021 by the executive board of the Drägerwerk Verwaltungs AG, i.e. the shares are not cancelled but remain in the share accounts of the participating employees during the two-year lock-up period.
With a similar employee participation in the employee participation program as in 2020, Dräger is likely to acquire approximately 70,000 preferred shares on the capital market for the employee participation program.
Only in the theoretically possible event that all authorized employees participate fully in the employee participation program, a total of up to 648,000 units of own preferred shares would be repurchased.
The share buyback principally complies with rules and regulations set forth in Sec. 71 (1) Sentence 1 No.2 AktG (Aktiengesetz - German Stock Corporation Act). The buyback of preferred shares held by persons not employed by the Company or any associated company, neither at the present time nor in the past, will take place in accordance with the authorization issued by the Company's annual shareholders' meeting dated 07 May 2021, which permits the buyback of up to 10 percent of capital stock held in the form of own shares.
A bank will be tasked with the buyback. The bank will make its decisions concerning the time of purchase of the preferred shares independently of Dräger and free of its influence. The right of Dräger to terminate its contract with the bank early and assign the task to a different bank remains unaffected.
In both cases, the buyback complies with the so-called safe-harbor rules set forth in Art. 5 of the Regulation (EU) No 596/2014 in connection with the Delegated Regulation (EU) 2016/1052.
The buyback will be made on the stock exchange. The purchase price will comply with the requirements set forth in the safe-harbor rules. In addition, the purchase price per preferred share (excluding acquisition charges) of those preferred shares to be acquired on the basis of the authorization issued by the annual shareholders' meeting may not exceed or fall below the price of the preferred shares in the opening auction in XETRA trading on the Frankfurt Stock Exchange on the trading day in question by more than 10 percent.
The share buyback may be suspended and resumed at any time in accordance with the relevant legal guidelines.
The transactions will be announced by the end of the seventh trading day after their conclusion at the latest in a method in accordance with the requirements set forth in Art. 2 (2) of the Delegated Regulation (EU) 2016/1052.
Dräger will report on the course of the buyback program in accordance with the legal provisions on the Company's website (www.draeger.de) in the Investor Relations section.
Lübeck, Germany, October 1, 2021
Drägerwerk Verwaltungs AG, acting as the general partner of
Drägerwerk AG & Co. KGaA
Moislinger Allee 53-55
23558 Lübeck, Germany
This release contains statements on the future development of Dräger Group. These forward-looking statements are based on the current expectations, presumptions, and forecasts of the Executive Board as well as the information available to it to date and have been prepared to the best of its knowledge and belief. No guarantee or liability for the occurrence of the future developments and results specified can be assumed in respect of such forward-looking statements. Rather, the future developments and results are dependent on a number of factors. They entail risks and uncertainties beyond the Company's control and are based on assumptions which could prove to be incorrect. Notwithstanding any legal requirements to adjust forecasts, Dräger does not assume any obligation to update the forward-looking statements contained in this report. You will find all important financial dates on our Company website at www.draeger.com under Investors/Financial Calendar.
01.10.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Drägerwerk AG & Co. KGaA|
|Moislinger Allee 53-55|
|Phone:||+49 (0)451 882-0|
|Fax:||+49 (0)451 882-2080|
|ISIN:||DE0005550602, DE 000 555 063 6, DE 000 555 071 9|
|WKN:||555060, 555063 Vorzüge, 555071 Genussschein D|
|Listed:||Regulated Market in Berlin, Frankfurt (Prime Standard), Hamburg, Hanover; Regulated Unofficial Market in Stuttgart, Tradegate Exchange|
|EQS News ID:||1237614|
|End of News||DGAP News Service|