The board of directors and majority owner Stefan Pierer has decided to temporarily suspend the current share buyback program with effect from yesterday, Tuesday, announced the listed Upper Austrian company.
Between October 22, 2019 and April 6, the motorcycle manufacturer has bought around 224,000 of its own shares. This corresponds to around 0.99 percent of the company’s share capital.
Pierer had been heavily criticized last week after sticking to its $ 0.30 dividend proposal, while the coronavirus crisis also benefits the government’s short-time work program for the entire workforce. A week ago, Pierer finally withdrew the dividend for 2019.
Similar to a dividend payment, a share buyback restricts a company’s financial flexibility and can have a negative impact on liquidity in a crisis.
The motorcycle manufacturer from the Innviertel region employs 4,400 people worldwide, including more than 3,600 in Austria.
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