Magyar Telekom to launch share buyback auction

In Hungary

Magyar Telekom is initiating a share buyback auction through which it intends to repurchase own shares with a maximum total value of HUF 5.2 billion for the purpose of shareholders’ remuneration, the company said on Friday, according to a report by state news wire MTI.

The transaction is scheduled for June 25, 2020.

The transaction will be carried out with UniCredit Bank acting as the company’s mandated auctioneer.

Order-collection will take place between 10.00 CET and 13.00 CET with the transaction period being between 13.00 CET and 15.30 CET on the day. The company will request the suspension of stock exchange trading of its shares on the day of the auction from the start of the order-collection period.

Anyone holding ordinary Magyar Telekom shares and complying with the terms set out herein may participate in the transaction. Participation in the transaction is voluntary. The number of shares offered by a shareholder and the offer price are solely at the shareholder’s discretion. Shareholders may offer their shares in multiple portions, at different share prices. Shares will be purchased starting from the lowest price offered with total overall value less or equal to the maximum amount.

The equivalent value per share paid by the company shall not be more than 5% above the equilibrium market price of the share determined by the BSE operated secondary market opening auction (opening price) on the trading day (if applicable), and above the value of total capital per share of the company based on the 2019 audited financial statements, i.e. HUF 567, Magyar Telekom said in a statement.

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