Saipem S.p.A. has launched the buy-back programme for Saipem ordinary shares approved by the Shareholders’ Meeting on 28 April 2017.
The Programme regards the buy-back of the Company’s own shares to cover the 2017 allocation of the 2016-2018 Long Term Incentive Plan, as approved by the Shareholders’ Meeting on 29 April 2016.
At their meeting of 24 July 2017, the Board of Directors set at 7 841 200 the number of treasury shares to be bought back to cover the 2017 allocation of the Plan (equal to 0.776% of the share capital).
The resolution approved by the Shareholders’ Meeting on 28 April 2017 allows for the purchase of a maximum number of 84 000 000 pre-reverse split shares (corresponding to 8 400 000 post-reverse split shares, equal to 0.831% of the Company’s share capital) in one or more tranches, for a maximum period of 18 months, and for an amount not exceeding €50 million.
Based on the current price of Saipem S.p.A. shares on the Milan Stock Exchange, the potential maximum outlay for the buy-back operation is estimated at around €26 million.
Purchase of the shares will take place through the granting of a specific mandate to an authorised intermediary, Banca Akros S.p.A., which will carry out the purchases in complete independence and without any influence whatsoever from Saipem S.p.A. in relation to the timing of the purchases or the conditions thereof.
The unitary price of each buy-back shall not exceed, or be less than, the reference price of shares recorded on the computerised trading market on the day prior to the buy-back (plus or minus 5% for the maximum and minimum price respectively). Specifically, if the purchase is carried out in a regulated trading venue, the issuer may not purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the same trading venue.
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/26072017/saipem-launch-buy-back-programme/