Climate and manufacturing technology group Walter Meier has announced completion of a share buyback exercise, started in November 2009.
A total of 114,300 A-registered shares were repurchased. The company states that shares corresponding to 5.12 percent of the share capital, currently entered in the commercial register, were bought back.
The buyback volume amounted to 15 million Swiss francs. The buyback was carried out by means of a second trading line on the SIX Swiss Exchange.
At the 2011 annual shareholders’ meeting, a decision was made to reduce capital and to destroy 108,800 A-registered shares.
Walter Meier directors will propose further capital reduction in the amount of the shares that have since been repurchased at the 2012 shareholders AGM.
Its intention is to reduce equity with the completed share buyback and increase earnings per share, for the benefit of shareholders.
The share buyback programme was launched because the share price was low and the company has had substantial excess liquidity.