Brief: iAlbatros Group plans share buyback from unit sale proceeds

Satis SA

22/12/2016 09:58

Dec 22 (Reuters) - iAlbatros Group SA  IAGP.WA : 
    * Said on Wednesday that it is not going to distribute 
profit from sale of its unit, iAlbatros Poland SA, among its 
shareholders in dividends but plans a share repurchase  
    * Said that expected balance and financial results will not 
allow for distribution of dividends or advance dividends in 2017 
in the amount equal or similar to the amount that the company is 
planning to allocate for share repurchase  
    * Estimates the sale price of iAlbatros Poland SA at the 
level of at least 140 million zlotys ($33.18 million) on an 
enterprise value basis 
    * Estimates the value of the share repurchase at no less 
than 120 million zlotys and no more than 160 million zlotys and 
sees the amount of shares bought back not not greater than 33 
pct of all votes  
    * The company's management board's opinion was issued as a 
response to shareholders' questions  
    * The company shareholders' meeting to decide on the 
possible sale of iAlbatros Poland SA will be held on Dec. 28  
 
     
 Source text for Eikon:  urn:newsml:reuters.com:*:nEM2176485 
     
 Further company coverage:  IAGP.WA   
    
 
 
 
($1 = 4.2195 zlotys) 
 
 (Gdynia Newsroom) 
 ((Gdynia.newsroom@thomsonreuters.com; +48 58 772 0920;))