Cloud Technologies to spend PLN 18 mln on buyback program

Listed on the small-cap, alternative NewConnect market, marketing IT company Cloud Technologies will launch a tender offer for 920k of its shares. The company will allocate up to PLN 18 million for the plan and is willing to listen to any offers between PLN 0.1-PLN 120 per share. Shareholders wishing to sell shares may submit offers to the company together with the proposed sale price. “For each sale offer received, the result will be calculated as the product of the number of shares offered by the shareholder and the difference between the maximum price (PLN 120) and the price per share from the shareholder's offer. The offers for which the result will be highest will be carried out in the first place,” the company explained the process in the market filing. “We consider the current stock quote as attractive, and we assume that it is in the company's best interest to gather as much of the stock as cheaply as possible, which means that the lower the price the shareholder proposes, the greater the chance that his offer will be accepted,”- said CEO Piotr Prajsnar. The purchased shares will be used for takeovers and implementation of the incentive program. On end of trading day on Wednesday, Cloud Technologies shares were worth PLN 56.1 apiece.