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Media Releases |
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12/21/2000
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| Lonza - Lonza Group Ltd announces share buy-back for the purpose of cancellation and capital reduction |
| Zürich - The Board of Directors of Lonza Group Ltd is pleased to announce a share buy-back program designed to improve the company's capital structure |
The Board of Directors of Lonza Group Ltd is pleased to announce a share buy-back program designed to improve the company's capital structure.
Given the current low level of indebtedness and expectations of strong cash flow generation from the businesses in the medium term, the Board has decided to optimize the balance sheet structure of Lonza Group and return excess cash back to its shareholders.
Under this program, Lonza Group will offer to re-purchase up to 10% or 643'398 shares of the outstanding capital from its shareholders at a price of CHF 940 per share. This re-purchase price is based on the market price of December 15, 2000 on which date the Company has purchased 573'398 shares at CHF 940 per share from a group of institutional investors.
The offer will be open for 10 business days, from December 27, 2000 to January 11, 2001 inclusive.
At the next Annual General Meeting scheduled for March 28, 2001, the Board of Directors of Lonza Group will propose to its shareholders to reduce the share capital of Lonza Group by the amount of shares acquired under the present re-purchase program together with the 573,398 shares purchased on December 15, 2000.
This press release does not constitute an offer. The official text of the offer will be published in major Swiss financial and daily newspapers on December 27, 2000.
Corporate Communications &
Investor Relations
Michel Gerber
Tel: +41-1-386-2314
Fax: +41-1-386-2317
Email: investor.relations@lonzagroup.com
Treasury
Heinz Bähni
Tel: +41-1-386-2366
Fax: +41-1-386-2361
Email: heinz.bähni@lonzagroup.com
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