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Männedorf, Switzerland, May 14, 2008 - The Tecan Group AG (SWX: TECN) completed the share buyback program on the first trading line on the SWX Swiss Exchange on May 13, 2008. This program was initiated on January 9, 2007. During the course of this program a total of 627,287 shares or 5.2% of the share capital were repurchased. Together with the shares Tecan held before the start of the program the company now holds a total of 1,045,310 of own shares, representing 8.65% of the share capital. As approved by the Company’s shareholders at the Annual General Meeting on April 23, 2008, Tecan will initiate a new share repurchase program on a second trading line on the SWX Swiss Exchange on May 16, 2008. These shares will be cancelled and the share capital reduced accordingly. This additional share buyback program is limited to a maximum of 10% of the Company’s share capital.
Thomas Bachmann, CEO of Tecan, commented: “The very successful year 2007 with the marked increase in profitability and our strong cash position put us in a position that allows us to pay back excess cash to our shareholders. The shares repurchased through the new program will be cancelled and earnings per share will thus be further increased.”
Further information on share buyback programs
The shares bought during the course of the completed share buyback program may be used for potential acquisitions, for the procurement of shares under convertible bond or bonds with options programs, for share-based compensation to employees or for other reasons. Depending on market conditions Tecan can also sell these own shares on the open market. At the Annual General Meeting on April 23, 2008 shareholders of Tecan approved the initiation of a new share repurchase program on a second trading line on the SWX Swiss exchange for the purpose of a capital reduction. The new program foresees the purchase of company shares equivalent to up to 10% of its share capital. On the basis of its current registered share capital this amounts to a maximum of 1’207’838 shares. The shares will be purchased on the second trading line after deduction of the withholding tax and will be cancelled. Tecan intends to propose to the annual general meetings in 2009 and 2010 that the share capital be reduced accordingly. On the second trading line only Tecan can buy own shares through the bank mandated for this purchase program. Normal trading of Tecan shares (valor 1.210.019) will not be affected by the buyback program and will continue normally. A shareholder willing to sell Tecan shares can use the ordinary trading line or offer the shares to the Company via the second trading line. Repurchase prices, i.e. prices on the second trading line will generally follow prices determined on the ordinary trading line.
For further information please contact:
Tecan Group Ltd.