Aperam announces a share buyback program
February 09 2017 - 10:45AM
Luxembourg, 09 February 2017
- Aperam announces today a share buyback program under the
authorization given by the annual general meeting of shareholders
held on 5 May 2015 (the "Program").
Aperam will appoint an
investment services provider to execute the repurchases of shares
in the open market during open and closed periods.
Aperam intends to repurchase per day a variable number of shares at
market price, for an aggregate maximum amount of one hundred (100)
million US dollars and a maximum of two (2) million shares, over a
period from 14th February 2017 until 30 September 2017. The price
per share, of the shares to be bought under the Program, shall not
exceed 110% of the average of the final listing prices of the 30
trading days preceding the three trading days prior to each date of
repurchase, in accordance to the resolution of the annual general
meeting of shareholders held on 5 May 2015.
Simultaneously, the Mittal family has declared its intention to
enter into a shares repurchase agreement with Aperam, to sell each
trading day on which Aperam has purchased shares under the Program,
an equivalent number of shares, at the proportion of the Mittal
family's stake of 40.85% of Aperam, at the same price as the shares
repurchased on the market. The effect of the share repurchase
agreement is to maintain Mittal family's voting rights in Aperam's
issued share capital (net of Treasury Shares) at the current level,
pursuant to the Program.
The shares so acquired under this buyback program are intended to
be cancelled to reduce the share capital of Aperam.
About Aperam
Aperam is a global
player in stainless, electrical and specialty steel, with customers
in over 40 countries. The business is organised in three primary
operating segments: Stainless & Electrical Steel, Services
& Solutions and Alloys & Specialties.
Aperam has 2.5 million
tonnes of flat Stainless and Electrical steel capacity in Brazil
and Europe and is a leader in high value specialty products. Aperam
has a highly integrated distribution, processing and services
network and a unique capability to produce stainless and specialty
from low cost biomass (charcoal). Its industrial network is
concentrated in six production facilities located in Brazil,
Belgium and France.
In 2016, Aperam had
sales of USD 4.3 billion and steel shipments of 1.92 million
tonnes.
For further information,
please refer to our website at www.aperam.com
Contact
Corporate Communications / Laurent
Beauloye: +352 27 36 27 103
Investor Relations / Romain Grandsart: +352 27 36 27 36
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Aperam via Globenewswire
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