Launch of buy-back programme for Saipem ordinary shares to cover 2016-2018 Long-Term Incentive Plan
FinancialSan Donato Milanese
San Donato Milanese (Milan), July 28, 2016 – Saipem S.p.A. has as of today launched the buy-back programme (the “Programme”) for Saipem ordinary shares approved by the Shareholders’ Meeting on April 29, 2016.
The Programme regards the acquisition of the Company’s own shares to cover the 2016 allocation of the 2016-2018 Long Term Incentive Plan (the ‘Plan’), as approved by the Shareholders’ Meeting, pursuant to article 84-bis, paragraph 2 of the Issuers’ Regulation and article 114-bis of Italian Legislative Decree 58/98.
The resolution approved by the Shareholders’ Meeting allows for the purchase of a maximum number of 85,000,000 shares (corresponding to approximately 0.84% of the Company’s share capital) in one or more tranches, for a maximum period of 18 months, and for an amount no greater than Euro 42,500,000.
Purchase of the shares will take place through the granting of a specific mandate to an authorized intermediary, which will carry out the purchases in complete independence and without any influence whatsoever from Saipem S.p.A. in relation to the timing of the purchases or the conditions thereof. Purchases will be carried out in one or more tranches on the regulated Computerized Trading Market, at a unit price equal to the official stock exchange price recorded on the day prior to each transaction, plus or minus 5% for the maximum and minimum price respectively, in accordance with the methods and operational procedures established in Borsa Italiana S.p.A.’s regulations.
The buy-back transactions under the Programme will be executed in accordance with the procedures set out in article 144-bis, paragraph 1, letter b) of the Issuers’ Regulations, as well as in compliance with the applicable European Union Safe Harbour provisions and the market practices allowed by Consob pursuant to article 180, paragraph 1, letter c), of Italian Legislative Decree 58/98.
Saipem will disclose the following details of transactions executed under the Programme to CONSOB and to the market no later than the seventh daily market session following the date of execution of each transaction: the number of shares purchased, the date of each purchase, the average price, and the cumulative number of shares purchased as at the date of the disclosure. As of today, Saipem holds 1,939,832 treasury shares, corresponding to 0.0191% of the Company’s share capital. No treasury shares are held through subsidiary companies, fiduciaries or intermediaries.
Saipem is one of the world leaders in drilling services, as well as in the engineering, procurement, construction and installation of pipelines and complex projects, onshore and offshore, in the oil & gas market. The company has distinctive competences in operations in harsh environments, remote areas and deepwater. Saipem provides a full range of services with “EPC” and “EPCI” contracts (on a “turn-key” basis) and has distinctive capabilities and unique assets with a high technological content.
Website: www.saipem.com
