Snam to continue with share buyback programme
San Donato Milanese, 12 January 2018 – Snam today announces that it is to continue with its share buyback programme previously communicated to the market and pursuant to the resolution of the Shareholder Meeting on 11 April 2017 1. In order to facilitate this, it has signed an enhanced buyback agreement with a primary intermediary agent for a period of maximum 3 months.
The appointed intermediary will be able to independently purchase Snam shares, in accordance with the contractually defined parameters and criteria, and within the constraints of the applicable legislation and above mentioned resolution.
Possible purchases will be made on the MTA, in compliance with Art. 144-bis, paragraph 1, letter b) of Consob Regulation 11971/1999 and other applicable provisions, in order to adhere to the equal treatment of shareholders pursuant to art. 132 of the Consolidated Finance Act (T.U.F.), as well as according to the operating procedures established in the regulations for the organization and management of the Italian Stock Exchange S.p.A.
Since November 2016, Snam has acquired n. 84,788,366 of its own shares (equivalent to 2.42% of the share capital), for an aggregate amount of EUR 312,740,621.49 and currently holds 85,915,616 treasury shares, equivalent to 2.45% of the share capital.
Snam will declare to the market the details of any purchases made.
(1) After the revocation of the previous resolution of the Ordinary Shareholders' Meeting of 1 August 2016, which authorized the purchase of treasury shares for maximum expenditure of EUR 500,000,000, the Shareholders’ Meeting held on 11 April 2017 authorized the purchase of treasury shares, in one or more tranches, for a maximum duration of 18 months and for a maximum disbursement corresponding to the part not yet implemented and equal to EUR 195,799,688.85.
22 January 2018 - 18:25 CET