DBAG announces share buy-back and f

The management board of Deutsche Beteiligungs AG (DBAG) has recently announced a share buy-back programme. The tender offer addressed to all shareholders is intended to optimise the company's capital structure. The offer will extend to up to 1,866,666 shares of Deutsche Beteiligungs AG, or some 10% of the company's share capital. The repurchase price per share will be E12.50, close to the current market price.Over the past months, DBAG has realised a number of investments that have generated significant liquidity. The realisations from the portfolio include Hörmann KG, schlott gruppe AG and Babcock Borsig Service AG in Germany, as well as Edgen Corp in the US. These divestments were, for the most part, transacted earlier and achieved significantly higher proceeds than DBAG had expected only a year ago.Through the inflow of funds stemming from these partly very profitable divestments, DBAG has built a significant cash position. In its interim report at 30 April 2005, the company had recorded cash resources of E33m, which have risen further since. Bank borrowings had been repaid in full. DBAG anticipates that reflows from future realisations and the liquidity remaining after completion of the share repurchase programme will cover the financing requirements of its investing activity.The group announced profits for the first six months of the 2004/2005 financial year of E29.8m, up E12.1m from the same period in the previous year. Net asset value per share, meanwhile, improved to E13.84.

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• DACH