The GSM of Amica will be held on September 18th. Shareholders will decide whether to let the company buy back its shares. There are no details concerning the value of the buyback provided.
“Talks are ongoing. We are not sure whether it’s worthwhile to buy back shares at present stock prices”, Bogna Sikorska, member of Amica supervisory board present at the management said.
She added that the amount to be spent on the buyback won’t be high. Amica will want to buy up to 10 percent of its shares. Today, the market value of the company is slightly above PLN 90m, and is 25 percent higher than a month ago.
Next to the buyback, the GSM will decide about changes within the supervisory board and the management. At the beginning of July, Zbigniew Rogoz, Amica deputy CEO and CFO was dismissed. Jacek Rutkowski, the CEO and biggest shareholder, explained that the reason was the vision of further development. Soon, the company said it was withdrawing from its plans to build a plant in Russia. A month later, Pawel Nawrocki, another deputy CEO, resigned.
(PLN 1 = EUR 0.302)