WOOD & Company Financial Services was selected to provide intermediary services for the buyback program.
Under the buyback program, the company is to purchase a maximum number of 200,000 of its own shares, via trading on the regular market on which the shares are listed or via public tender offers, within 24 months from June 14, 2018.
”The company’s Board of Directors is hereby authorized to take all necessary steps for the implementation of the Management Incentive Program, including without limitation by agreeing on any further market standard commercial details”, Purcari Wineries said in an announcement.
The company can repurchase a daily volume of shares up to 25% of the daily average volume of the company’s shares traded on the Bucharest Stock Exchange.
Purcari Wineries ended the first quarter of 2019 with revenue of RON42.2 million, up 29% year-on-year, and a net profit of RON8.7 million, up 46% versus the year-earlier period. The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) grew 37% to RON14 million.
For 2019, the company targets 18%-22% higher revenue, a 32%-34% EBITDA margin and a 22-24% profit margin.
Purcari Wineries has a market capitalization of RON448 million and was established by Victor Bostan in the Republic of Moldova.