Adhoc announcement acc. to Sec. 15 WpHG: United Internet cancels 10 million treasury shares, reduces capital stock by EUR 10 million to EUR 215 million and resolves new share buyback program
Montabaur, August 15, 2011. Based on the authorization granted by the Annual Shareholders' Meeting of United Internet AG (ISIN DE0005089031) on May 26, 2011 regarding the acquisition and use of treasury shares, and with the approval of the Supervisory Board, the Executive Board today resolved to cancel a total of 10,000,000 shares from the company?s stock of treasury shares, purchased in the course of share buyback programs, and thus reduce the capital stock of United Internet AG by EUR 10 million, from EUR 225 million to EUR 215 million. The capital reduction is aimed at optimizing the company?s balance sheet and capital structure.
In execution of this resolution, 10,000,000 registered no-par value shares with a notional share of capital stock of 1 euro each will be cancelled. Following the cancellation of these 10,000,000 shares, United Internet AG will still hold 12,194,384 treasury shares. This corresponds to 5.67% of the reduced capital stock of EUR 215 million.
At the same time, capital stock will be reduced by EUR 10,000,000 from EUR 225,000,000 at present to EUR 215,000,000. The number of shares issued will decrease correspondingly from 225,000,000 shares to 215,000,000 shares. Issued shares will continue to represent a notional share of capital stock of 1 euro each. United Internet AG expects the capital reduction to become effective as of August 16, 2011.
The Management Board of United Internet AG has also resolved to launch a further share buyback program, which will begin once the cancellation and capital reduction have become effective. In the course of this new share buyback program, up to 9,300,000 company shares (corresponding to 4.33% of the reduced capital stock of EUR 215 million) are to be bought back via the stock exchange. The buyback follows an authorization of the Annual Shareholders' Meeting of May 26, 2011 to buy back shares representing up to 10% of the company's capital stock. The authorization was issued for the period up to November 26, 2012.
Treasury shares can be used for all purposes stated in the authorization of the Annual Shareholders' Meeting of May 26, 2011, in particular for current and future employee stock ownership plans and / or as an acquisition currency, but may also be cancelled.