866
An issuer may purchase its own shares ("share buy-back") if it has obtained the prior specific approval of shareholders in general meeting.
867
A share buy-back may only be made by way of:
Unless a lower limit is prescribed under the issuer's law of incorporation, such share buy-back shall not exceed 10 per cent of the total number of issued shares excluding treasury shares and subsidiary holdings as at the date of the resolution passed by shareholders for the share buy-back.
Amended on 1 October 20131 October 2013, 31 March 201731 March 2017.
868
For the purpose of obtaining shareholder approval, the issuer must provide at least the following information to shareholders:
869
An issuer may only purchase shares by way of a market acquisition at a price which is not more than 5% above the average closing market price. For this purpose, the average closing market price is:
Amended on 7 February 20207 February 2020.
870
An issuer making an off-market acquisition in accordance with an equal access scheme must issue an offer document to all shareholders containing at least the following information:
Amended on 29 September 201129 September 2011.