Berlin, 3 October 2008 – The Executive Board of PSI AG (ISIN DE0006968225) decided on 2 October 2008 to buy back up to 800,000 of its own shares (this corresponds to ca. 6.6 percent of the capital stock) through the stock exchange in a first share buyback.
The decision follows the authorization of the Annual General Meeting on 25 April 2008 for the buyback of own shares of up to 10 % of the capital stock. The buyback program is limited to 31 March 2009. The shares may be used for all the purposes authorized in the General Meeting on 26 April 2007. This includes in particular the redemption of the shares. The purchase price per share may not exceed the closing price per share of the Xetra trading system on the preceding day by more than 10 %, nor may it be less than 20 % below the same price.
The current share price for PSI stock does not reflect the appropriate value of the company and is much more attractive than the acquisition targets being investigated at the moment. PSI has liquid funds of about 20.8 million euros (as of 30 September 2008). The annual operative cash-flow 2008 exceeding that will be used for takeovers and buybacks.
PSI AG develops and integrates individual solutions, on the basis of its own software, for the management of energy networks (electricity, gas, oil, heat, water), cross-company production management (steel, mechanical engineering, automotive, logistics) and infrastructure management for telecommunications, transport and safety. PSI was founded in 1969 and currently employs 1,100 persons in the group.