Palfinger currently holds 1,805,000 of its own shares, acquired under the share repurchase scheme. The average share purchase price was EUR4.60. In order to adjust its capital structure, the company is now planning to cancel the majority of these shares, retaining 400,000 shares for the purposes of stock option programs.
The move will reduce the company’s share capital by EUR1.41 million from EUR37.14 million to EUR35.73 million.
The Company intends to implement the cancellation during 2008.
A spokesman said the move would increase shareholder value, had been welcomed by investors on London and New York.
