BERLIN — In a move to curb falling stock prices, shareholders in Teutonic film group Splendid Medien voted last week to buy back some 890,000 shares.
Company will use the shares to raise its stakes in various subsidiaries but will also place some of them with institutional investors.
Shareholders increased the basic capital by 10% (890,000 euros, or $764,600), pricing new shares at one euro (86¢) for a share option program to be offered to company execs.
Move, spurred by the low share price, is part of Splendid’s expansion strategy, according to company topper and main shareholder Andreas Klein.
Splendid recently enjoyed a local success with the award-winning “Traffic.”