Statement regarding repurchase of shares by Depa Limited (the “Company”) to its shareholdersOct 1 ,2009
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 favour of a resolution to give power to the Board of Directors of the Company to approve a share buy-back, the Company gave a written notice to its shareholders stating its intention to undertake a Share Repurchase programme (SRP) during a period of 12 months effective 27 November 2008.
This is the first buy-back the Company has undertaken since the securities were listed on NASDAQ Dubai on 23 April 2008 and the Company stated its intention to purchase up to 15% of the Shares (up to US$40 million in value).
The original notice stated that no directors or officers, or associates of any directors or officers of the Company intended to sell Securities listed on NASDAQ Dubai during the course of this SRP. The company has now updated its original notice to NASDAQ Dubai following which the directors or officers, or associates of any directors or officers of the company are now able to sell Securities on NASDAQ Dubai during the course of this SRP.
The repurchases are being done through the facilities of NASDAQ Dubai and the broker assigned for taking orders for repurchase is Al Mal Capital PSC.