IHB shareholders to vote on a new buyback procedure (NEUTRAL)
Source: Industrial Holding Bulgaria; FFBH
Industrial Holding Bulgaria (IHB) published an updated invitation for the Extraordinary General Meeting of the Shareholders scheduled for Nov 4. The new items to be voted are termination of the current buyback procedure and start of a new one, under which the company could repurchase up to 3% of its capital per calendar year but not more than 10% in total for the whole buyback period at minimum BGN 1 and maximum BGN 2.04 per share, where its total treasury stock cannot exceed 10% of the share capital.
Note that under the current procedure the price range was BGN 0.7 to BGN 1.2 per share.
Recall that the shareholders would also vote to reduce IHB share capital from BGN 107 400 643 to BGN 96 808 417, by cancelation of 10 592 226 ordinary treasury shares with BGN 1 par value each.
On 14 October, the majority owner Bulls AD filed with FSC a new mandatory tender offer for the purchase of up to 23 690 662 voting shares (22.1% of issued capital) at BGN 2.04 per share. If the tender offer is not confirmed by FSC before Nov 4, Bulls AD will not be allowed to vote on the Nov 4 EGM, due to the ban on the previous tender.