Weng Fine Art AG Extends its Stock Buyback Program

Weng Fine Art AG Extends its Stock Buyback Program - Sales in the 2nd Half rose above Expectations

PRESS RELEASE | 31 JANUARY 2014

Weng Fine Art AG Extends its Stock Buyback Program - Sales in the 2nd Half rose above Expectations

The CEO and the board of Weng Fine Art AG (WFA) have decided, pursuant to § 71 Abs. 1 No. 8 AktG, to extend its stock buyback program up to January 31, 2015. It was set to expire on January 31, 2014. Under this program, WFA is allowed to purchase up to 100,000 shares, the equivalent of 3.64 % of its share capital. So far, the company has acquired 45,000 shares on the Frankfurt Stock Exchange.

The buyback program was authorized in the General Meeting of September 9, 2013. The shares will be purchased exclusively through the Frankfurt Stock Exchange and the Xetra system, where WFA will neither pay more than 10%, nor less than 20% of the 10-day average closing price recorded on the Xetra trading system. The shares should be purchased at a price between EUR11 - 14.

Today marks the end of Weng Fine Art's fiscal year 2013/2014, during which the company generated revenues of about EUR8.4 million (EUR7.68 million in previous year). Thus, the expectations for this 'year of transformation' were clearly exceeded. The sales in the 2nd half of the year were far beyond expectations, as they increased by more than 50% (from EUR2.9 million to EUR4.4 million).

ABOUT WENG FINE ART AG

Weng Fine Art AG (www.wengfineart.com) is one of the most dynamic and financially strongest art dealerships on the European continent. The company focuses on works of internationally renowned artists from the 20th century and, in its core business, exclusively supplies commercial addresses (B2B) - among them the leading auction houses, dealerships and galleries. The expertise and market positioning gained over nearly 20 years serves as a basis for new business segments such as auctions, e-commerce and art consulting. Weng Fine Art AG shares are traded on the Frankfurt Stock Exchange since 2 January 2012.

CONTACT

Weng Fine Art AG
c/o edicto GmbH, Axel Mühlhaus
Eschersheimer Landstr. 42 | 60322 Frankfurt a.M. | Germany
Telefon +49 (0)69 905505-52 | Telefax +49 (0)69 905505-77
E-Mail amuehlhaus@edicto.de

This release was published on openPR.