BERLIN (dpa-AFX) - Drägerwerk AG & Co. KGaA (DRWKF.PK) said that its Executive Board resolved to acquire up to 237,600 of its own preferred shares in order to implement the employee participation program. The actual number of preferred shares that are to be purchased depends on the level of employee participation.
For every three Drägerwerk preferred shares (investment shares) employees purchase, they will be given an additional Drägerwerk preferred share as a bonus share. A total of roughly 6,600 employees are eligible to participate. The number of investment shares is restricted to 27 preferred shares per employee. All preferred shares acquired within the scope of the program are subject to a holding period of around two years.
In the last employee participation program in 2015, roughly 18 percent of eligible employees took part in the program. If the level of participation is the same in 2016, Drägerwerk will acquire roughly 30,000 preferred shares for the employee participation program on the capital market.
The buyback will be performed by the mandated bank within the period November 8 to November 17, 2016. Drägerwerk may extend the buyback period if necessary. The bank alone will decide on the specific time of purchase of the preferred shares.
Copyright RTT News/dpa-AFX