Head reacts to delisting threat

Head has called for an extraordinary assembly of shareholders after the Vienna stock exchange informed the sporting goods company that its nominal capital is below the critical volume required by Austrian law. Head now has two options: to lift its capital with money from its own resources or to repurchase its shares to have the company delisted from the stock exchange.

It has now addressed its shareholders with a tender offer whose value was 23 percent above the stock price of Oct. 8. The period for the repurchase of its own stocks runs from today, Oct. 10 through Oct. 31. Head will publish the results on Nov. 5. The repurchase program has been offered in the event that the shareholder meeting should dismiss the plan to increase the group’s nominal capital.

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