AAT Holding to buy 20 percent stake from its main shareholder

Lock Syndication, the main shareholder of WSE-listed security system developer AAT Holding, will sell 1.6 million shares of the company (20 percent stake) as part of the company’s buyback program, the firm said in a market filing. Lock Syndication owns 70 percent stake in AAT Holding. Earlier this month, the company announced a purchase offer for 1.970.721 of its own shares, representing no more than 24.63 percent share capital at PLN 23 apiece. The shares will be purchased by AAT Holding or its subsidiary Polon. Polon intends to acquire 1,173,185 shares, and AAT Holding will buy up to 797,536 shares. The acquired shares may be designated for redemption, future acquisitions or investments. As stated, the purchase of shares may also take place in connection with the eventual delisting of the company's shares from the Warsaw Stock Exchange. This is the company’s second buyback attempt in recent months. Back in February, AAT Holding announced a purchase offer for 2,399,536 shares, also at PLN 23 apiece. However after a number of Open Pension Funds (OFEs) declined to shale their stakes in the company, only 426,915 shares were tendered.