Although Park Elektrik has not adopted a policy to buy-back its shares trading at Istanbul Stock Exchange until 2020, the Company has decided to implement a share buy-back program considering the regulations of the Capital Market Board facilitating share buy-backs of public companies, increase in usage of buy-back programs among publicly traded companies and price of our Company’s publicly traded shares occasionally becomes incompatible with the main stock exchange indicators and actual performance of our Company’s operations and remained even below its book value. The share buy-back program is an authorization given to the Board of Directors by General Assembly and there is no obligation to implement it. Our Company’s Board of Directors is authorized not to initiate the buy-back program or to terminate the ongoing buy-back program if the economic and commercial conditions, market conditions, trading volumes at the stock market and/or the financial situation of our Company are not suitable.
The first share buy-back program which allows our Company to buy-back its own shares, was approved at the Ordinary General Assembly Meeting of Park Elektrik held on May 21, 2020. English version of program is not available currently.
The summary information about the program is shown in the table below:
|
Duration of the Buy-Back Program |
21 May 2020 – 21 May 2021 |
|
Maximum Number of Shares To Be Acquired |
744,336,215 Shares (5% of the Issued Capital) |
|
Upper Price Limit for Purchases |
7% more of the Share’s Book Value |
|
Nominal Value of the Treasury Shares (TRY) |
- |
|
Total Purchase Value of the Treasury Shares (TRY) |
- |
|
Ratio of Treasury Shares to Issued Capital (%) |
- |
The upper price limits executed during the program are as follows:
|
Period of Buy-Back Transactions |
Upper Price Limit (TRY) |
|
21 May 2020 – 18 August 2020 |
3,6515 |
|
19 August 2020 – 6 November 2020 |
4,8529 |
|
7 November 2020 – 10 March 2021 |
5,1407 |
|
11 March 2021 – 10 May 2021 |
5,0629 |
|
11 May 2021 – 21 May 2021 |
5,4014 |
The second share buy-back program which allows our Company to buy-back its own shares, was approved at the Ordinary General Assembly Meeting of Park Elektrik held on June 2, 2021. English version of program is not available currently.
The summary information about the program is shown in the table below:
|
Duration of the Buy-Back Program |
2 June 2021 – 2 June 2023 |
|
Maximum Number of Shares To Be Acquired |
1,488,672,430 Shares (10% of the Paid-In Capital) |
|
Upper Price Limit for Purchases |
20% more of the Share’s Book Value |
|
Nominal Value of the Treasury Shares (TRY) |
550,000 |
|
Total Purchase Value of the Treasury Shares (TRY) |
3,430,300 |
|
Ratio of Treasury Shares to Issued Capital (%) |
0.37 |
The upper price limits executed during the program are as follows:
|
Period of Buy-Back Transactions |
Upper Price Limit (TL) |
|
2 June 2021 – 18 August 2021 |
5,4014 |
|
19 August 2021 – 8 November 2021 |
6,2062 |
|
9 November 2021 – 9 March 2022 |
6,2979 |
|
10 March 2022 – 10 May 2022 |
7,7313 |
|
11 May 2022 – 17 August 2022 |
8,1440 |
|
18 August 2022 – 7 November 2022 |
9,7971 |
|
8 November 2022 – 9 March 2023 |
10,3965 |
|
10 March 2023 – 9 May 2023 |
11,2197 |
|
10 May 2023 – 2 June 2023 |
11,4688 |
The summary information about the program is shown in the table below:
|
Duration of the Buy-Back Program |
19 June 2023 – 19 June 2026 |
|
Maximum Number of Shares To Be Acquired |
1,488,672,430 Shares (10% of the Paid-In Capital) |
|
Upper Price Limit for Purchases |
200% more of the Share Book Value (Total Equity/Paid-In Capital) x 3)] |
|
Nominal Value of the Treasury Shares (TRY) |
927,506 |
|
Total Purchase Value of the Treasury Shares (TRY) |
19,370,508.01 |
|
Ratio of Treasury Shares to Issued Capital (%) |
0.9925 |
The upper price limits executed during the program are as follows:
|
Period of Buy-Back Transactions |
Upper Price Limit (TL) |
|
19 June 2023 - 16 August 2023 |
28,6721 |
|
17 August 2023 - 7 November 2023 |
34,4978 |
|
8 November 2023 - 25 April 2024 |
34,5735 |
|
26 April 2024 - 11 June 2024 |
55,4751 |
|
12 June 2024 - 12 September 2024 |
64,0626 |
|
13 September 2024 - 8 November 2024 |
65,9105 |
|
9 November 2024 - 6 March 2025 |
71,8612 |
|
7 March 2025 - 12 May 2025 |
76,7550 |
|
13 May 2025 - 15 August 2025 |
84,1950 |
|
16 August 2025 - 10 November 2025 |
90,1367 |
|
11 November 2025 - 10 March 2026 |
97,5996 |
|
11 March 2026 - 11 May 2026 |
95,7480 |
|
12 May 2026 |
102,1233 |
