InCity management board commits to further share lock-up
- Lock-up extended by 36 months - Buy-back programme approved by AGM launched
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Cologne (euro adhoc) - 22 December 2008 - InCity Immobilien AG, a group of companies specialised in the planning and realisation of high-quality properties in inner city locations, has decided to support the InCity share price and is committed to making a clear statement of trust, especially to its long-term investors. "Our share has performed considerably better than the relevant indexes in the past few months. But on the whole, InCity's market capitalisation fails to reflect the intrinsic value of the company and its expected future development," explains Management Board member André Peto.
Against this backdrop, the InCity management, which holds about two-thirds of the shares, has committed to extending the lock-up agreement for the coming 36 months, which applies to the majority of the shares it holds. In addition to that, the company has started selectively buying back shares in line with the share buy-back programme approved by the AGM on 8 May 2008. According to that, the company is entitled to buy back up to 250,000 shares until 7 November 2009.
André Peto: "The measures we have taken support the long-term increase in the value of our company. This is based on the extremely dynamic and positive business development the company has seen since inception, which also applies to 2008. Despite a downturn in the market our business model stood its ground. We are also going to be showing this resilience against crisis in 2009."
About InCity Immobilien AG: InCity Immobilien AG specialises in the planning and realisation of high-quality property in inner city locations. The company develops and markets both residential and retail properties using its inhouse expertise to minimise project running time and to deliver high value added in the process. InCity pools the experience accumulated through about 250 high-quality heritage building redevelopment and new building projects for discerning self-users and investors. The company creates exclusive, high-value space tailored to customers' needs in top locations of German metropolitan areas. InCity underlines its corporate responsibility towards society and the environment through participation in the UN Global Compact, the international initiative of the United Nations for the promotion of social and environmental principles. Further information: www.incity.ag
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Further inquiry note:
InCity Immobilien AG
André Peto
Phone: +49 (0) 221 95 27 57 55
a.peto@incity.ag
Investor Relations
Dariusch Manssuri
Phone: +49 (0) 221 91 40 970
dariusch.manssuri@ir-on.com
Branche: Real Estate
ISIN: DE000A0HNF96
WKN: A0HNF9
Börsen: Börse Frankfurt / free trade/entry standard
Börse Berlin / free trade
Original content of: InCity Immobilien AG, transmitted by news aktuell