Padua, November 5, 2018 – SIT S.p.A. (“SIT” or the “company”), listed on the Italian Stock Exchange’s AIM Italia market, announces the initiation of the treasury share buy-back programme, in execution and according to the terms and conditions of the Shareholders’ Meeting motion of April 26, 2018, adopted as per Articles 2357 and 2357-ter of the Civil Code. The programme shall be executed according to the means and timeframes outlined below.
Programme objectives: (a) to incentivize and develop a loyalty scheme among employees, collaborators, directors of the company and/or of parent companies or subsidiaries and/or among other groups chosen at the discretion of the Board of Directors of the company; (b) to undertake the sale, exchange or conferment of, or to otherwise utilise, treasury shares to acquire equity investments and/or property and/or to conclude agreements with strategic partners, and/or for the execution of industrial projects or corporate funding transactions; and (c) to support the share’s liquidity or to efficiently utilise company liquidity.
Maximum number of treasury shares to be acquired: the acquisition of treasury shares (excluding other categories of shares) may be undertaken on one or more occasions until reaching 10% of the pro-tempore share capital.
Maximum amount: purchases may not be made at a unitary purchase price of (i) less than the minimum and (ii) at more than 10% lower than, or greater than, the share price registered on the day preceding each purchase.
Authorisation validity period: the authorisation to purchase treasury shares is effective for 18 months from April 26, 2018 (the date on which the Shareholders’ Meeting approved authorisation); the programme shall conclude therefore on October 26, 2019. utilization of the treasury shares is authorized without time limitation
The company has appointed Equita SIM S.p.A. as the independent intermediary to execute the treasury share buy-back programme, who will undertake purchases in a fully independent manner and in accordance with the applicable regulatory restrictions, in addition to the limits imposed by the above-stated motions.
The company currently holds 64,845 treasury shares, comprising 0.27% of the share capital. The subsidiaries do not hold SIT shares.
For further details on the terms and conditions of the authorisation to purchase and utilise treasury shares, reference should be made to the minutes to the Shareholders’ Meeting of the company and the report upon the matters on the agenda of the Shareholders’ Meeting of April 26, 2018, published on the website at “www.sitgroup.it” – “Investor Relations” section – “Shareholders’ Meetings”, in addition to the press releases of April 6, 2018 and April 26, 2018, available on the company website in the “Investor Relations” section – “Press releases”.
This press release does not constitute, even in its individual parts, an offer of financial instruments or an invitation to invest in any country.
