Launch of the share buyback programme to service the management incentive schemes approved by the company
Ansaldo STS has launched the share buyback programme following the resolution passed at the ordinary shareholders’ meeting of 5 April 2011, which granted new authorisation to purchase own shares, to service, inter alia, the share incentive schemes approved by the company. This resolution authorises Ansaldo STS to purchase own shares up to the maximum amount allowed by law, taking into account the own shares already held by the company and its subsidiaries.
In light of the limits set out in the above-mentioned shareholders’ resolution of 5 April 2011 approving the buyback, the terms of the programme are as follows:
- the maximum number of shares to be purchased is equal to the maximum number allowed by law, taking into account the maximum number of shares that may be assigned to the recipients of the share incentive plans approved by the company (650,000 shares); the share purchases will be carried out under the price conditions set out in article 5, paragraph 1 of European Commission Regulation (EC) no. 2273/2003 of 22 December 2003. Specifically, this article stipulates that the issuer must not buy the shares for a price that is higher than the latest independent transaction or the highest current independent bid price on the Italian stock exchange managed by Borsa Italiana SpA, whichever is higher. All purchases must also be carried PRESS RELEASE out in accordance with the conditions and the limits set by Consob in relation to accepted market practice, where applicable.
- the share purchases will be made in accordance with the procedures set out in article 144-bis, paragraph 1, point b) of the Issuer Regulations.
- the number of shares purchased on any one day will be no greater than 25% of the average daily volume of Ansaldo STS shares traded on the Italian stock exchange.
- the buyback must be carried out by 5 October 2012; this is in line with the final deadline set by the shareholders’ meeting above, of 18 months from the resolution of 5 April 2011.
The company will notify the public in good time of any subsequent amendments to the buyback programme.
Under the programme, Ansaldo STS will inform Consob and the market of any share purchase transactions that have been carried out on a weekly basis, providing details of the number of shares purchased, and the date, time and price of every purchase. As of today, Ansaldo STS holds 406,000 own shares.
Media Contact :
Roberto Alatri, tel. +39 347 4184430
Investor Relations Officer:
Andrea Razeto, tel. +39 010 6552068