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Polytec: CEO Reduces own Shares

Published: January 29, 2011; 00:03 · (Vindobona)

Polytec´s CEO Friedrich Huemer reduced stake for a partial refinancing of the buyback of properties.

Polytec: CEO Reduces own Shares / Picture: © Vindobona.org

Polytec Holding has been informed by CEO Friedrich Huemer, that his stake in Polytec Holding AG was reduced by 4.2% to a total of 26.64%. Huemer went below the notification threshold of 30%.

Due to the positive earnings development, the group was recently able to pay back a restructuring loan (see press release from Jan. 20, 2011). Parallel to that, end of last year, Friedrich Huemer has bought back a 35% stake of the Polytec Property Group former held by a company associated to Raiffeisenlandesbank Oberöstereich for a purchase price of € 12.7m.

Friedrich Huemer had a majority stake in the Property Group before. The disclosed sale of POLYTEC shares, after the retransfer of the shares assigned by the way of collateral, was made for the partial refinancing of the purchase price of the above mentioned transaction.

Friedrich Huemer, who contributed to the financing of Polytec Holding AG also in the past, reduced the overall financial exposure for both Polytec Holding AG and Polytec Property Group, with this transaction.

"The total repurchases of the property group and the accordingly reduced total exposure to the financing bank emphasizes the positive path, Polytec is on; says Friedrich Huemer.