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Pin to quick picksAperam Ord Regulatory News (0OLF)

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Aperam announces a share buyback program

5 Feb 2020 06:00

Aperam S.A. / Key word(s): Share Buyback Aperam announces a share buyback program 05-Feb-2020 / 07:00 CET/CEST


 

Luxembourg, 5 February 2020 07:00 CET) - Aperam announces today a share buyback program under the authorization given by the annual general meeting of shareholders held on 7 May 2019 (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 euros and a maximum of 3.8 (three point eight) million shares, over a period from 8 February 2020 up and until 30 December 2020. 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 7 May 2019.

Simultaneously, the Mittal family has declared its intention to enter into a share 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 40.98% of issued and outstanding shares of Aperam, at the same price as the shares repurchased on the open 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 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 a flat Stainless and Electrical steel capacity of 2.5 million tonnes in Brazil and Europe and is a leader in high value specialty products. In addition to its industrial network, spread over six production facilities in Brazil, Belgium and France, Aperam has a highly integrated distribution, processing and services network and a unique capability to produce stainless and special steels from low cost biomass (charcoal made from its own FSC-certified forestry).

 

In 2019, Aperam had sales of EUR 4,240 million and steel shipments of 1.79 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 / Thorsten Zimmermann: +352 27 36 27 304 


Dissemination of a Financial Wire News, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.


968109 05-Feb-2020 CET/CEST

corporate announcement transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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