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As previously announced in the media release of 27 April 2018, EFG International AG (“EFG”) intends to repurchase up to six million of its own registered shares. The share buyback programme will last until 30 April 2019 at the latest. The repurchased shares are used to fund restricted stock units relating to employee incentive plans. By repurchasing the shares, EFG prevents shareholders from experiencing a further annual dilution, as had been the case in previous years due to the issue of shares from conditional capital in connection with its employee incentive plans. The share buyback is being executed by EFG Bank AG, Zurich, a wholly owned subsidiary of EFG.
The share buyback was exempted from the provisions on public takeover offers provided for in section 6.1 of the Circular no. 1 of the Swiss Takeover Board dated 27 June 2013 (status as of 01 January 2016) and refers to a maximum of 6,000,000 registered shares, equivalent to a maximum of 2.07% of the current share capital and voting rights (the current share capital amounts to CHF 144,858,634.00, divided into 289,717,268 registered shares, each with a nominal value of CHF 0.50). EFG currently has participation capital of CHF 200,730.00, divided into 13,382 registered participation certificates with a nominal value of CHF 15.00.
By way of illustration, it should be noted that based on the registered shares of EFG’s closing price on 24 July 2018 of CHF 7.59, the maximum buyback volume of six million registered shares represents a total market value of CHF 45.54 million.
The maximum daily repurchase volume in accordance with Art. 123(1)(c) of the Swiss Financial Market Infrastructure Ordinance amounts to 84,231 shares.
Notices to the share repurchase programme