The shareholders of Vinci SA (ENXTPA:DG) authorized a share repurchase program at its Annual General Meeting on April 16, 2013. Under the program, the company is authorized to repurchase own shares, such that its holding in treasury does not exceed 10% of its share capital. Repurchases will be made at a maximum acquisition cost of €60 per share, for a total of €2 billion. Acquisition, sale, transfer or exchange of these shares will be carried out by all means on or off ... the market, including by transactions of blocks of shares, being specified that the resolution suggested for the vote of the shareholders does not limit the share of the program which can be realized by acquisition of blocks of shares. The acquisition cost of the derivative products that the company might require as part of the program will be applied against the authorized maximum amount at the time of their set-up. The amount corresponding with the price of the treasury shares possibly purchased by means of exercising call options will only be taken into account at the time of their exercise. The additional sums that will possibly be allocated to the liquidity contract, in addition to its current €5.2 million, will be applied against the maximum amount of authorized purchases. The objective of the program is the deliveries of shares upon the exercise of rights attached to marketable securities that provide access to the capital, assignments of shares upon the exercise of call options or allotments of performance shares to Vinci Group employees and/or corporate officers, delivery of shares for the purposes of payment or exchange, notably as part of external growth operations, assignments or allotments at no cost to Vinci Group employees and/or corporate officers as part of employee shareholding plans, ensuring market liquidity within the framework of a liquidity contract that complies with an ethics charter approved by the Financial Markets Authority and entrusted to a provider of investment services acting on an independent basis, cancellations of shares and implementation of any market practice that would be accepted by the Financial Markets Authority as part of the share buyback programs and, more generally, performance of any operation in compliance with the regulations in effect with regard to these programs. The objective of the plan is the compliance with the share delivery or exchange obligations contracted upon the exercise of the rights attached to marketable securities that provide access to the company capital, compliance with the share assignment or allotment obligations as part of the programs for share purchase options and company performance shares as granted to the group’s employees and/or corporate officers, the remittance of shares for payment or exchange, notably within the framework of external growth operations, the no-cost assignment or allotment to eligible employees and/or corporate officers of Vinci Group companies, as part of employee shareholding plans, including the assignments in favor of authorized service providers assigned to the design, set-up and management of any payroll savings UCITS or equivalent structure on behalf of the VINCI group, as well as the remittance of shares for the purposes of guarantees within the framework of payroll savings operations, ensuring market liquidity within the framework of a liquidity contract that complies with an ethics charter approved by the Financial Markets Authority and entrusted to a provider of investment services acting on an independent basis, the cancellation, as part of the company’s financial policy, of the shares bought back in this manner and the implementation of any market practice that would be accepted by the Financial Markets Authority as part of share buyback programs and, more generally, the performance of any operation in compliance with the regulations in effect relative to these programs. The company reserves the possibility of using derivative products as part of the implementation of this new program. In compliance with the relevant legal and regulatory provisions, including with regard to market disclosure, it also reserves the possibility of undertaking the allowed re-allocation of the shares bought back for the purposes of one of the programs objectives to one or more of its other objectives, or to carry out their sale on the market or outside of the market through a provider of investment services acting on an independent basis. The program will be valid for a period of 18 months, until October 15, 2014.
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