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Zurich, Switzerland, 30 July 2002 Tecan, a leading player in the Life Sciences supply industry, today announced its intention to implement a share buy back program for the purchase of Tecan Group Ltd. registered shares of up to CHF 40 million but less than 10% of the outstanding share capital. The purchase of these shares will be made on the open market.
“The current share price represents an excellent opportunity to invest our excess cash to the benefit of our shareholders,” said Emile Sutcliffe, Chief Executive Officer of the Tecan Group. “This program underlines the company’s commitment to increase long term shareholder value and the group’s leading position in the life science supply industry.”
The share buy-back program will be carried out over a period of two years. The purchased shares will be held as treasury shares and the company does not intend to cancel them. The shares will be used for general corporate purposes (e.g. issuance of convertible bonds, employee participation, possible acquisitions, etc). Depending on market conditions, Tecan might decide to resell the shares to the open market. No purchase will be made before approval of the take-over commission has been obtained.
Rochat & Partners:
Rochat & Partners
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