Stara Planina Hold To Repurchase Up to 3% of Its Capital

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A total of 57.05%, or 11,980,381 shares of the capital of Stara Planina Hold, were represented at the general shareholders' meeting of the company held today.

The shareholders voted in favor of the proposal envisaging 257,900 leva of the company's profit for 2007 to be distributed as dividend, which translates into 1.23 leva gross dividend per share. The remaining sum will be allocated to the Reserves Fund.

Stara Planina Hold booked 2.754 mln leva profit for 2007. The revenue of the company from its core activity totaled 3.28 mln leva.

The shareholders also decided the company to repurchase shares accounting for up to 3% of its capital.

The minimum price offered per share will not be lower than the average daily price of the stock for the last 52 weeks prior to the date of the repurchase.

The maximum price will not exceed 75% of the average daily stock price, also in the last one year prior to the date of repurchase.

The period in which the stock will be repurchased will not exceed five years. The shareholders authorized the Board of Directors of Stara Planina Hold to set the start and the end date for the share buyback.

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