Last checked at 28 Jun 2013 12:00
Close Period Share Repurchase
Vesuvius plc (the "Company") confirms that, in order to retain the ability to repurchase shares during its close period, it has entered into an irrevocable and non-discretionary arrangement with its broker, Bank of America Merrill Lynch, to commence on its behalf and within certain pre-set parameters, share repurchases under the Company's existing share repurchase programme which was announced on 3 June 2013.
The close period commences on 1 July 2013 and ends on the day prior to the announcement of the Company's results for the six month period to 30 June 2013.
It is intended that any shares purchased under this programme will be transferred into treasury.
For further information please contact:
Shareholder/analyst enquiries:
Vesuvius plc François Wanecq, Chief Executive +44 (0) 207 822 0000
Chris O'Shea, Chief Financial Officer +44 (0) 207 822 0000
Media enquiries:
MHP Communications John Olsen / Ian Payne +44 (0) 203 128 8100
About Vesuvius plc:
Vesuvius is a global leader in metal flow engineering, developing, manufacturing and marketing mission-critical ceramic consumable products and systems to demanding applications, primarily in the global steel and foundry industries.
Notes:
The share repurchase programme was approved by shareholders at the Company's Annual General Meeting on 4 June 2013. The share repurchase programme will be executed subject to the following conditions:
a) the maximum aggregate number of ordinary shares which will be repurchased will be 27,848,507 ordinary shares of 10 pence each;
b) the minimum price which may be paid for each such ordinary share shall not be less than the nominal value of the ordinary shares at the time of the purchase;
c) the maximum price which may be paid for each ordinary share shall be an amount equal to the higher of (i) 105% of the average of the closing price of the Company's ordinary shares as derived from the London Stock Exchange Daily Official List on the five business days immediately preceding the date on which such share is contracted to be purchased and (ii) the price stipulated by Article 5(1) of the Buy-Back and Stabilisation Regulation of 22 December 2003; and
d) this authority shall expire at the end of the next Annual General Meeting or on 30 June 2014, whichever is the earlier (except in relation to the purchase of shares the contract for which was concluded before the expiry of such authority and which might be implemented wholly or partly after such expiry).