Please wait…


Share Buyback

Since 1998, companies have been able to buy back up to 10 percent of their own shares via the stock exchange, whereby the shareholders of the stock corporation must approve the buyback at a general meeting. This is regulated in the Law on Control and Transparency in Business (KonTraG).

Along with investments and dividend payments, a share buyback is one of the three ways of making use of the profit. Companies buy back their own shares if they consider them to be undervalued and view the buyback to be more profitable than investments. Other motives could be the defence against a hostile takeover or the use of shares as currency in a company takeover.

Repurchased shares may be held or liquidated by the companies. If the shares are liquidated, the share price usually rises as a result of the buyback, as earnings per share increase due to the lower number of shares remaining on the market. The price/earnings ratio, a highly regarded investor indicator, is falling and the return on equity is rising. In addition, the buybacks are advantageous for tax purposes in that capital gains tax is payable immediately in the event of a dividend payment and only in the event of a resale in the event of a buyback.

From the company's point of view, buybacks are disadvantageous because they express a lack of investment opportunities and growth prospects.

Investors as a rule can expect rising share prices and higher dividends in the short term, but in the long term might face a lack of growth potential and thus falling share prices. .

Our Glossary explains the most important terms to exchange business and should leave no questions unanswered. If you still miss a term, please send us an email and we will add the term soon.

The following Disclaimer and Information has been prepared by Voltabox AG (the “Issuer”) for the purpose of publishing THE securities prospectus by the issuer. Deutsche Boerse AG does not assume any responsibility for the content of the issuer`s Disclaimer and information.


Important Information


The information contained on the following web pages is directed only at persons who are resident of or domiciled in the Federal Republic of Germany (“Germany”) or the Grand Duchy of Luxembourg (“Luxembourg”). The following information does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities. No offer of securities of the Issuer is being, or will be, made to the public outside Germany and Luxembourg. The offer in Germany and Luxembourg is being made solely on the basis of the securities prospectus (including any amendments thereto) which has been approved by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and which has been published on the Issuer’s website. Any investment decision regarding the publicly offered securities of the Issuer should only be made on the basis of the securities prospectus. The securities prospectus is available free of charge from the Issuer (Artegastraße 1, 33129 Delbrück, Germany; Tel.: +49 (0)5250 9930-900; Fax: +49 (0)5250 9762-102) and on the Issuer’s website (

The information contained on the following web pages is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States of America (“United States”), Canada, Australia or Japan. The Issuer’s shares, and the securities offered in the course of the offer, have not been and will not be registered under the US Securities Act of 1933, as amended (“Securities Act”), or with any other securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer does not intend to register the offer or parts thereof in the United States or make an offer to the public in the United States, Canada, Australia or Japan.

The information contained on the following web pages is not for distribution to persons who are located in the United States, Canada, Australia or Japan or any other jurisdiction where the offer of the securities to the public is not taking place. Any violation of these restrictions may constitute a breach of the securities laws of these countries. The copying, forwarding or other transmission of the content of the following web pages is prohibited.

By clicking the "I AGREE" button below, you warrant that (i) you have read and accepted the foregoing information and restrictions in full and (ii) you are a resident of or domiciled in Germany or Luxembourg, and (iii) you agree not to distribute or forward the information contained on the following web pages to any person who is not a resident of or domiciled in Germany or Luxembourg.


We regret that, due to regulatory restrictions, we are unable to provide you with access to the following web pages.