The Management Board of TOYA S.A. (hereinafter referred to as the Company) in Wrocław informs that on 22 May 2017 adopted a resolution no. 2/05/2017 on the recommendation to the Ordinary General Meeting of the Company to allocate the entire profit of the company for the financial year 2016 in the amount of PLN 29,597,540.26 ( In words: twenty nine million five hundred ninety seven thousand five hundred forty 26/100) to reserve capital. The above recommendation will be submitted to the Supervisory Board for its evaluation in accordance with art. 382 §3 of the Commercial Companies Code.
The intention of the Management Board is to allocate up to a one hundred percent of the net profit for the financial year 2016 for the buyback of own shares of TOYA S.A.
In the opinion of the Management Board , the parameters of the acquisition of own shares indicated in the current report no 17/2017 of 22/05/2017 on the planned buyback of shares of TOYA S.A. are set up in such a way that the acquisition of own shares is in the best interests of the shareholders of TOYA S.A. for the following reasons:
a. acquisition of own shares may result in an increase in the liquidity of shares by expanding the group of shareholders in case of acquisition of shares for further resale
b. Possible redemption of purchased own shares potentially contributes to the increase in the value of the Company’s shares listed on the Warsaw Stock Exchange, and consequently to the increase in the value of the capital invested by the Shareholders.
c. The adopted resolution also provides the possibility of settling of a potential acquisition project with the Company’s shares, which gives greater flexibility and may reduce the need to involve working capital
The final decision on the distribution of the Company’s profit for the financial year 2016 will be taken by the Ordinary General Meeting of Shareholders.
Legal basis: § 38 section 1 point 11 of the Regulation of the Minister of Finance on current and periodic information provided by issuers of securities and conditions for recognizing as equivalent information required by the law of the country.
Grzegorz Pinkosz
President of the Mangement Board