Poland's Asseco fails to push through PLN 600mn buyback.

By bne IntelliNews September 7, 2011
The shareholders of Poland's software developer Asseco did not support the proposed PLN 600mn (EUR 142.3mn) share buyback programme, PAP news agency reported. The buyback was supposed to consist of up to 25.6 million shares, which corresponds to 33% of its stock. The proposal narrowly missed the required majority of 2/3 of the votes. Asseco does not currently plan another extraordinary general shareholders meeting on the matter, company spokesperson Katarzyna Drewnowska told PAP, adding that the company considers a higher dividend and possible acquisitions. Asseco has recently said its second-quarter net profit declined to PLN 86mn from PLN 110mn a year earlier, meeting analysts expectations. The company's net profit in the first six months of 2011 fell to PLN 182.7mn from PLN 205.4mn in same period last year. Consolidated sales surged 45% y/y to PLN 1.1bn in the second quarter of 2011 and by 53% y/y to PLN 2.3bn in January to June 2011.

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