Business
Share repurchase programme
Share repurchase programme.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n RNS Number : 1831G Plaza Centers N.V. 20 October 2008 \n \n20 October 2008\n\n\nPLAZA CENTERS N.V. ('PLAZA')\n\nShare repurchase programme\nThe Board of Plaza, a leading emerging markets property developer, today announces its intention to commence a share repurchase programme on 23 October 2008. It intends to purchase up to 19,323,536 shares, 6.61% of the 292,431,381 shares currently in issue. The shares will be purchased on-market on the London Stock Exchange in accordance with shareholder approval obtained at the Company's Annual General Meeting on 27 May 2008. \nThe buyback programme is expected to last up to six months and the purchased shares will be held in treasury. Purchases will be subject to a cap on price equal to the higher of (i) an amount equal to 105% of the average of the middle market quotations of a share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is contracted to be purchased; and (ii) the last independent trade and the highest current independent bid on the London Stock Exchange Daily Official List.\nAny purchase of shares made by Plaza following commencement of the buyback programme will be notified to a Regulatory Information Service as soon as possible and no later than 7.30 a.m. on the following business day in accordance with the requirements of Listing Rule 12.4.\nPlaza has also been informed by its majority shareholder, Elbit Imaging Ltd. ('Elbit'), which currently indirectly owns 68.4% of Plaza, that it intends to purchase issued share capital of Plaza through a series of on-market purchases of Plaza's shares. Elbit's purchase of Plaza's shares shall be within the above-mentioned limit of Plaza's repurchase programme. \n\nFor further information, please contact:\n\nPlaza\nMordechay Zisser, Chairman +972 3 6086000\nRan Shtarkman, President and CEO +36 1 462 7221\nRoy Linden, CFO &n...