Launch of programme for the purchase and sale of treasury shares
Genoa, 11 May 2012 – ERG S.p.A.'s Board of Directors, during its meeting held yesterday, resolved to commence the programme for the purchase and sale of treasury shares, in implementation of the resolution adopted by the Ordinary Shareholders' Meeting on 20 April 2012, as previously communicated to the market in a press release under the same date.
Pursuant to Article 144 bis of the Issuers' Regulation details of the programme are set out below.
Objective and Duration
The programme provides for the purchase and sale of ERG ordinary shares, as a form of investment intended to optimise the capital structure with a view to maximising value creation for the company and for shareholders, for a maximum period of 12 months starting from 20 April 2012, the date on which the authorisation was granted by the above mentioned Shareholders' Meeting.
Consideration and number of shares
The purchase and sale of the shares will be carried out in compliance with the shareholders' resolution dated 20 April 2012.
The maximum number of shares that may be purchased under the programme approved by the Board of Directors is 5,416,000 (corresponding to 3.6% of share capital), with a maximum disbursement of 35,200,000 Euro, without prejudice to all other limitations, if any, arising from legal provisions or the will of the Shareholders' Meeting.
The Company currently holds 2,100,000 treasury shares (corresponding to 1.397% of share capital).
Formalities for carrying out the purchases and sales
Prior to commencing the programme, an agreement will be reached with an authorised intermediary who will operate autonomously, adopting operational terms and conditions to be decided in a entirely independent manner. Further information will be disclosed following the finalisation of the aforesaid agreement.
This press release, concerning the launch of the programme for the purchase and sale of ERG treasury shares, issued at 7.45 a.m. (CEST) on 11 May 2012, has been prepared pursuant to the Regulation implementing Legislative Decree no. 58 dated 24 February 1998, adopted by CONSOB under resolution no. 11971 of 14 May 1999, as amended and supplemented. It is available to the public at the offices of Borsa Italiana S.p.A. and on the Company's website (www.erg.it ).
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