Industrial Holding Bulgaria plans to start a share buyback at a minimum price of BGN 0.56 and BGN 1.05 per share. If the proposed buyback is approved at the EGM scheduled for 17 December, the group can buy back up to 3% of its own shares (last price of BGN 0.73/share) for each of the 4 years following the decision. The maximum that can be bought in the procedure for the 4 years is 10% of the share capital.
At the EGM shareholders will also vote on the proposed issuance of 2-year callable convertible bonds for up to BGN 30m, which will be used mainly to refinance IHB’s outstanding BGN 21.7m convertible bond issue maturing in October 2014.