Austrian residential property company Conwert Immobilien Invest said it will take advantage of its current low share price to buy back more shares. The Vienna-based company will purchase up to 4.7 million ordinary shares (or around 5.5% of its basic capital) at EUR 8-13 per share between 29 August 2009 and 25 April 2009 as part of a second buyback programme
Austrian residential property company Conwert Immobilien Invest said it will take advantage of its current low share price to buy back more shares. The Vienna-based company will purchase up to 4.7 million ordinary shares (or around 5.5% of its basic capital) at EUR 8-13 per share between 29 August 2009 and 25 April 2009 as part of a second buyback programme
Conwert said that with its shares currently trading at around 40% below net asset value, conditions for a buyback remained favourable. The company will use the shares for future acquisitions. Conwert purchased around 3.9 million ordinary shares in the first six months of 2008, equivalent to around 4.5% of its share capital.
