Patrizia rises after founder set to buy up to 2.9 million shares
16/08/2023 11:36
** Patrizia AG PATGn.DE shares rise 3.9% after a
regulatory filing showed that its founder and largest
shareholder Wolfgang Egger is to buy up to 2.9 million shares
** Former CEO Wolfgang Egger, via his company First Capital
Partner, gave an order to buy up to 2.9 million shares of the
firm at "market-friendly conditions" in the period from 14
August 2023 to 31 December 2024, according to the filing
** "After recent share price declines in Patrizia, today's
rising share price seems to be pretty much related to the
intended share buy back of First Capital Partner," Oddo BHF
analyst Manuel Martin says
** The stock has lost around 20% of its value since the
beginning of July
** "The aimed share buy back should give the stock price
some support" amid a challenging real estate transaction
environment, he adds
** Patrizia shares are among top performers of Germany's
small caps index .SDAXI
(Reporting by Tristan Veyet, additional reporting by Linda
Pasquini, Paolo Laudani)
((Tristan.chabba@thomsonreuters.com))