Temenos Share Buyback Programme for 2008
02 January 2008
GENEVA, Switzerland, 2nd January 2008 - TEMENOS Group (SWX: TEMN), the provider of integrated core banking systems, today announced that it has begun a share buyback programme. The Group has received Board of Directors and Swiss Takeover Board approval to purchase up to CHF 69,072,600 (USD 60,000,000) of its shares. The shares will be purchased in the open market between 3 January and 31 December 2008. The buyback equates to 4.42% of the company’s outstanding shares calculated at a price of CHF27 (which was the closing price on 18 December 2007).
Commenting on the share buyback programme, Chief Executive Officer Andreas Andreades said, “We are very happy to announce a share buyback programme for 2008. This is consistent with executing on our three year plan which foresees substantial earnings growth and significant free cash flow generation. We believe the buy back program is therefore highly accretive to shareholders.”
TEMENOS T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully integrated architecture enables it to offer a significant cost advantage compared to other competing products. It is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
-ENDS-
About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 600 financial institutions in 120 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com
For more information, contact:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Ben Robinson
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: brobinson@temenos.com
Peter McKenna
Temenos Marketing Director
Tel: +44 (0) 207 423 3842
Email: pmckenna@temenos.com
Evelina Amanatidou
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com