W.O.M. WORLD OF MEDICINE AG (WORLD OF MEDICINE) is stepping up investments in research and development as well as in the expansion of its sales. The objective is to expand its market position and secure its employee’s jobs over the medium to long-term, instead of focusing on short term yield targets. For this reason, the management board announced that it is approving the necessary expenditures and adjusting the earnings goal for fiscal year 2009 to a return on sales before taxes of 6%.
Originally, 11% was planned. The current sales and cost projection until the end of fiscal year 2009 is the basis for this change.
Moreover, the management board with approval of the supervisory board, decided to continue with immediate effect the buy-back of own shares carried out under the management of a bank until November 27, 2010 in case of a renewal of the authorization to buy-back own shares of the General Shareholders’ Meeting of WORLD OF MEDICINE taking place tomorrow.The average purchase price of the shares may not be more than 10% above or more than 10% below the average Xetra Closing Price (or if this authorization is based on the Xetra closing price the closing price determined by a system which may have replaced the Xetra System) at the Frankfurt Exchange in the five days preceding the trade.
The management board of WORLD OF MEDICINE with approval of the supervisory board had decided on May 4, 2009 to buy-back own shares on the basis of the authorization of the general shareholders’ meeting of WORLD OF MEDICINE on May 29, 2008. According to the resolution of the management board the buyback was limited until May 27, 2009. An independent bank purchased a total of 2,370 shares from May 19 to May 26, 2009 in the total amount of EUR22,240 (without additional charges). This corresponds to 0.3% of the share capital. The average price per share reached EUR9.38. The purchase of the shares was conducted by an independent bank at the electronic trading platform of the Frankfurt stock exchange (Xetra). The company holds own shares equal to 2.94% of the share capital at the time of the general shareholders meeting of May 28, 2009 (EUR9,000,000). In case the buy-back is to be continued the company, according to legal provisions, may buy-back up to 7.06% of this share capital.
WORLD OF MEDICINE is a manufacture of medical devices used in minimally invasive surgery (MIS).