P +41 58 787 25 41
Please find below all Forbo media releases listed by year.
Eglisau, April 23, 2001
Forbo is publishing details of the announced share repurchase program. The Group intends to repurchase own shares with a value of up to CHF 200 million for the purpose of a future capital reduction.
Share repurchase for the purpose of a capital reduction through the issuance of traded put options
Under the provision that the Annual General Meeting approves the share repurchase on April 24, 2001, one free put option will be allocated to each registered Forbo share. 14 put options allow the sale of one registered Forbo share at a price of CHF 1,050.- (gross). On the basis of a share price of CHF 839.- (April 23, 2001), each put option represents an implied calculated value of CHF 15.-. The value of the put option will be subject to volatility – depending on the development of the price of the registered Forbo share. The put options will be listed and traded on the SWX Swiss Exchange between April 30, 2001 and May 14, 2001. The transaction represents a total value of CHF 110 million and 13.5 % of shareholders' equity respectively. In order to complete the share repurchase program with a value of up to CHF 200 million a second trading line will be opened on the SWX Swiss Exchange, starting not later than in the 3rd quarter 2001.
Commitment to strategic targets
With the shareholder-friendly repurchase of its own shares, Forbo intends to optimize its capital structure by maintaining sufficient liquidity for further expansion - through both internal growth and acquisitions - in line with the defined strategy aimed at reaching net sales of CHF 3 billion by 2004.
Forbo is a global producer of flooring coverings and industry specialties. It employs around 6,000 people worldwide and has an international network of 28 production companies in 12 countries and 70 marketing organizations in 26 countries.
Head of Corporate Communications
Tel: + 41 1 868 25 69
Fax: + 41 1 868 35 69
Chief Financial Officer
Tel: + 41 1 868 25 25
Fax: + 41 1 868 25 26