Aperam announces a share buyback program
30 Gennaio 2018 - 05:51PM
Luxembourg, 30 January 2018 - 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 1.8 (one point eight) million
shares, over a period from 2nd February 2018 up until 31 December
2018. 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 40.89% 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 organized 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 2017, Aperam had
sales of USD 5.1 billion and shipments of 1.94 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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