Societe Generale : Description of the share buyback programme
17 Maggio 2018 - 5:35PM
17 May 2018
Description
of the share buyback programme
Subject to the
authorisation of the combined General Meeting dated 23 May
2018
This description is drawn up in
accordance with the provisions of Articles 241-1 and 241-2 I of the
General Regulation of the French Financial Markets Authority
(Autorité des marchés financiers).
-
Date of
the General Meeting called to authorise the share buyback
programme
The authorisation for the Company
to buy its own shares will be proposed to the combined General
Meeting dated 23 May 2018.
-
Breakdown by objectives of the
securities held
As at 14 May 2018, the allocation
of the shares held directly is as follows:
Cancellation |
0 |
Allocation to employees and executive officers |
5,994,034 |
Exercise of rights attached to securities |
0 |
External growth |
0 |
Liquidity agreement |
0 |
-
Purposes of the share buyback
programme
Societe Generale contemplates
renewing its authorisation to buy its own shares so it can:
-
cancel them, in accordance with the terms of the
authorisation of this combined General Meeting dated 23 May 2018 in
its 27th resolution,
solely to offset the dilution resulting from the issuance of new
shares as part of free shares plans or share capital increases
reserved for employees;
-
grant, cover and honour any free shares
allocation plan, employee savings plan and any form of allocation
for the benefit of employees and executive officers of the Company
or affiliated companies under the conditions defined by the
applicable legal and regulatory provisions;
-
deliver shares upon the exercise of rights
attached to securities giving access to the Company's share
capital;
-
hold and subsequently deliver shares as payment
or exchange as part of Group's external growth transactions;
-
allow an investment services provider to operate
on the Company's shares as part of a liquidity agreement compliant
the regulations of the French Markets Authority (Autorité des Marchés Financiers).
4. Maximum amount allocated to the
share buyback programme, maximum number and characteristics of the
securities, maximum purchase price
The resolution proposed to the
General Meeting provides that Societe Generale could purchase its
ordinary shares for an amount of up to 5% of the share capital at
the completion date of these purchases, within the legal limit of
an amount of shares held representing 10% of the share capital
after these buybacks.
As at 14 May 2018, without taking
into account the shares already held, a theoretical maximum number
of 40,395,886 shares could be purchased. Given the number of
securities already held at this date and the possibility to hold an
amount of shares representing up to 10% of the share capital, the
Company could purchase up to 40,395,886 shares.
The maximum purchase price would
be set at EUR 75 per share, i.e. a potential maximum amount
allocated to the programme of EUR 3,029,691,450.
The Board of Directors will ensure
that the implementation of the buybacks is conducted in compliance
with the prudential requirements as set by the regulations.
-
Duration of share buyback
programme
It is proposed to the combined
General Meeting dated 23 May 2018 to set the duration of the
authorisation for the Company to buy and sell its own shares at 18
months from the date of the General Meeting.
Societe Generale: Description of
the share buyback programme
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: Société Générale via Globenewswire
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