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Drägerwerk AG & Co. KGaA: Notification pursuant to Art. 5 (1) of the Regulation (EU) No 596/2014 and Art. 2 (1) of the Delegated Regulation (EU) 2016/1052
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DGAP-News: Drägerwerk AG & Co. KGaA / Key word(s): Miscellaneous |
Drägerwerk AG & Co. KGaA ("Dräger") will engage in a share buyback. During November 2, 2021 and probably November 17, 2021 Dräger intends to buy back approximately 70.000 of its own preferred
shares.
The share buyback serves the implementation of the employee participation program resolved on 27 September 2021 by the executive board of the Drägerwerk Verwaltungs AG, i.e. the shares are not cancelled but remain in the share accounts of the participating employees during the two-year lock-up period.
With a similar employee participation in the employee participation program as in 2020, Dräger is likely to acquire approximately 70,000 preferred shares on the capital market for the employee participation program.
Only in the theoretically possible event that all authorized employees participate fully in the employee participation program, a total of up to 648,000 units of own preferred shares would be repurchased.
The share buyback principally complies with rules and regulations set forth in Sec. 71 (1) Sentence 1 No.2 AktG (Aktiengesetz - German Stock Corporation Act). The buyback of preferred shares held by persons not employed by the Company or any associated company, neither at the present time nor in the past, will take place in accordance with the authorization issued by the Company's annual shareholders' meeting dated 07 May 2021, which permits the buyback of up to 10 percent of capital stock held in the form of own shares.
A bank will be tasked with the buyback. The bank will make its decisions concerning the time of purchase of the preferred shares independently of Dräger and free of its influence. The right of Dräger to terminate its contract with the bank early and assign the task to a different bank remains unaffected.
In both cases, the buyback complies with the so-called safe-harbor rules set forth in Art. 5 of the Regulation (EU) No 596/2014 in connection with the Delegated Regulation (EU) 2016/1052.
The share buyback serves the implementation of the employee participation program resolved on 27 September 2021 by the executive board of the Drägerwerk Verwaltungs AG, i.e. the shares are not cancelled but remain in the share accounts of the participating employees during the two-year lock-up period.
With a similar employee participation in the employee participation program as in 2020, Dräger is likely to acquire approximately 70,000 preferred shares on the capital market for the employee participation program.
Only in the theoretically possible event that all authorized employees participate fully in the employee participation program, a total of up to 648,000 units of own preferred shares would be repurchased.
The share buyback principally complies with rules and regulations set forth in Sec. 71 (1) Sentence 1 No.2 AktG (Aktiengesetz - German Stock Corporation Act). The buyback of preferred shares held by persons not employed by the Company or any associated company, neither at the present time nor in the past, will take place in accordance with the authorization issued by the Company's annual shareholders' meeting dated 07 May 2021, which permits the buyback of up to 10 percent of capital stock held in the form of own shares.
A bank will be tasked with the buyback. The bank will make its decisions concerning the time of purchase of the preferred shares independently of Dräger and free of its influence. The right of Dräger to terminate its contract with the bank early and assign the task to a different bank remains unaffected.
In both cases, the buyback complies with the so-called safe-harbor rules set forth in Art. 5 of the Regulation (EU) No 596/2014 in connection with the Delegated Regulation (EU) 2016/1052.
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