Rocket Internet, owners of Jumia and several other major tech companies, this morning announced that its Management Board with consent of the Supervisory Board, has resolved to carry out a share buy-back program with a total maximum consideration (excluding ancillary costs) of up to 100 million Euro and a maximum volume of up to 5,000,000 shares, representing a maximum of up to 3.03% of the outstanding share capital of Rocket Internet.
In a statement made available to TechCity, Rocket Internet said the buy-back will be executed via Xetra trading on the Frankfurt Stock Exchange and will begin on August 14, 2017 and end on April 30, 2018. The repurchased shares are intended to be redeemed, and Rocket Internet’s share capital is intended to be reduced accordingly.
“The Share Buy-Back Program will be carried out based on the authorization of the Annual General Meeting of June 2, 2017. Under this authorization, Rocket Internet SE is authorized to acquire own shares until June 1, 2022 in an amount of up to 10% of the share capital of Rocket Internet at the time of the resolution or – if this value is lower – at the time of the exercise of the authorization. If the shares are repurchased over the stock exchange, the purchase price per share (excluding ancillary costs) may not exceed or be less than 10% of the price of a share of Rocket Internet in Xetra trading (or a corresponding successor system) ascertained by the opening auction on the trading day,” Rocket Internet stated.
”We use our strong cash position to repurchase own shares“, says Oliver Samwer, CEO Rocket Internet. ”The Share Buy-Back Program underlines our aim to allocate capital most efficiently.”
