SAO PAULO, Aug. 11, 2011 /PRNewswire/ -- Telesp - (Bovespa:
TLPP3 [ON = Common Shares] / TLPP4 [PN = Preferred Shares]; NYSE:
VIV), announces its Share Buyback Program.
The management of Telecomunicacoes de Sao Paulo S.A. – Telesp
("Telesp") announce, in accordance with article 2, XV of CVM
Instructions Nr. 358/02 as amended, that on this date the members
of the Company's Board of Directors approved, in accordance with
article 17, item XV of Bylaws, the acquisition of Telesp shares by
the Company to be held in treasury and subsequent disposal or
cancellation, as pursuant in CVM Instruction Nr. 10/80 as amended,
as follows:
(i) Program Objective: acquisition of preferred shares issued by
the Company to be held in treasury and subsequent disposal and/or
cancellation, without reduction in the capital stock, for the
purpose of increasing shareholder value;
(ii) Resources: The repurchases will be effected through the use
of part of existing capital reserve on June
30, 2011, except the reserves referred in Article 7
subsection (a) to (d) of CVM Instruction Nr. 10/80;
(iii) Deadline: Beginning from the deliberation date of the
Board of Directors, remaining in force until October 20, 2011, being the acquisitions realized
in BM&FBOVESPA at market prices and as responsibility of the
Board to decide the moment and quantity of shares to be acquired,
whether in a single operation, whether in a series of operations,
within legal limits;
(iv) Quantity of Shares to be acquired: until a maximum of
2,700,000 (two million seven hundred thousand) preferred shares,
which account for less than 10% of the outstanding shares on this
date;
(v) Quantity of Outstanding Shares: 263,204,985 preferred
shares, without considering the shares held by controllers
shareholders; and
(vi) Intermediary Financial Institutions: the operation will be
realized through the following broker: Bradesco Corretora S.A.
CTVM, headquarter at Avenida Paulista, 1.450 / 7th floor –
Sao Paulo/SP.
Sao Paulo, August 11, 2011.
Gilmar Roberto Pereira Camurra
Investors Relations' Officer
Telecomunicacoes de Sao Paulo S.A. – Telesp
Telesp – Investors Relations Office
Tel.: +55 11 3549 7200
Email: ri.telefonicabr@telefonica.com.br
Information available: www.telefonica.com.br
SOURCE Telecomunicacoes de Sao Paulo S.A. - Telesp