Notice of Repurchase of Shares by Depa Limited (the “Company”) to its shareholdersNov 26 ,2008
Headline : Notice of Repurchase of Shares by Depa Limited (the “Company”) to its shareholders
Pursuant to the Company’s Extra-Ordinary General Shareholder’s Meeting held at 6:00pm on 05 November 2008 at Emirates Towers, where the shareholders voted in favor of a resolution to give power to the Board of Directors of the Company to approve a share buy-back, the Company hereby gives a notice to its shareholders its intention to a Share Purchase programme (SRP) during a period of 12 months effective 27 November 2008.
The reason for such repurchase is that the Company’s shareholders currently believe that the shares are significantly undervalued and as such, have requested this SRP, which would be the first buy-back for the Company since the securities were listed on NASDAQ Dubai on 23 April 2008.
The Company intends to purchase up to 15% of the Shares (up to US$40 million in value). No directors or offices, or associates of any directors or officers of the Company intend to sell Securities listed on NASDAQ Dubai during the course of this SRP.
The repurchases will be done through the facilities of NASDAQ Dubai and the broker assigned for taking orders for repurchase is Al Mal Capital PSC whose contact details are below:
Institutional Sales & Trading
Al Mal Capital PSC
Downtown Burj Dubai
Building 4, Office 302
Sheikh Zayed Road
P.O. Box 119930, Dubai, U.A.E.
D + 971 4 360 1113
F + 971 4 369 6622
M +971 50 708 70 76
For any further information you can contact Ms. Noor Sweid, Managing Director-Strategy at the below mentioned address:
18th Floor, Al Reem Tower
Al Maktoum St., Deira
P.O. Box 56338, Dubai, U.A.E
Tel no. +971 4 224 3800
Fax no. +971 4 224 3700