Mercator Medical buying back shares after huge covid profits

Its Management Board said it will purchase 623,800 of its own shares, representing nearly 6% of its share capital. While its stock price peaked at 600pln on “covid-fever”, its current price of 240pln is still many times higher than its pre-covid price of about 40pln.

Registration will be accepted from June 7 to July 30 (until 17:00). The expected date of the share purchase transaction is August 4, 2021.

DM BOŚ is the intermediary in carrying out and accounting for the purchase of shares.

The Management Board of Mercator Medical announced in mid-March that it recommended allocating the entire unit net profit for 2020 in the amount of PLN 312 million to the share buyback program. The share purchase price was not to be lower than PLN 500 and higher than PLN 770.

In April, Mercator’s GM authorized the management board to buy back its own shares for redemption.

“The dividend purchase price is the lowest possible price from the range of PLN 500-770 adopted by the general meeting. At the current share price (about PLN 250), it ensures the dividend nature of the purchase, and at the same time – with a fixed amount of over PLN 312 million for the purchase – it enables participation the widest possible group of investors thanks to the maximum reduction of the guaranteed threshold of participation in the purchase to 17 shares, ie a package currently worth about PLN 4,000 “- said Witold Kruszewski, member of the management board for finance at Mercator Medical group, quoted in the press release. (PAP Biznes)


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