NWZ iAlbatros carrying out buyback

After a general meeting, hotel booking management company iAlbatros issued a press release stating that its shareholders had decided to participate in a buy back worth an estimated PLN 140 to 190 million. They agreed to sell 100 percent of the shares in the subsidiary iAlbatros Poland. The leveraged funds of iAlbatros Group will be allocated for the purchase of own shares. According to the adopted resolution, "the transaction will be made if the valuation iAlbatros Poland is at least PLN 140 million, subject to adjustments, cash equivalents and net working capital," the release read. In addition, the statement read, "..a fee of no less than PLN 145 million, which will consist of [...] the proceeds from the sale of shares of the subsidiary, will be transferred to the bank account of the brokerage house, which will be authorized to carry out the buyback of the company." Cash generated from the transaction will be used by the company to purchase its own shares, in order to redeem them. Via the buyback, iAlbatros Group wants to have no more than 33 percent voting rights. The share buyback will be acquired only through the tender offer.