STMicroelectronics Announces Launch of Share Buy-back Program
November 05 2018 - 2:57AM
PR° C2860C
STMicroelectronics Announces Launch
of Share Buy-back Program
AMSTERDAM - November 5, 2018 --
STMicroelectronics N.V. (the "Company" or "STMicroelectronics"), a
global semiconductor leader serving customers across the spectrum
of electronics applications, announced the launch of a share
buy-back program of up to $750 million to be executed within a 3
year period (subject to shareholder and other approvals from time
to time) following the publication of this press release. The share
buy-back program will be carried out in accordance with the
authorisation of the Supervisory Board and the provisions of the
Market Abuse Regulation (EU) 596/2014 and Commission Delegated
Regulation (EU) 2016/1052.
The Company intends to carry out the buy-back
program, and hold the shares bought back as Treasury Stock, for the
purpose of meeting the Company's obligations in relation to its
employee stock award plans. As of October 31, 2018, the Company
holds approximately 8.6 million Treasury Shares, representing
approximately 0.9 percent of its issued share capital.
The Company will appoint one or more brokers to
execute the share buy-back program in accordance with all
applicable regulations. The brokers will make their decisions
relating to the purchase of Company shares independently, including
with respect to the timing of any purchases, and all purchases
effected will be in compliance with daily limits on prices and
volumes.
The Company's closing share price on the New
York Stock Exchange on November 2, 2018, was $15.81 and, at such
price, the maximum number of shares that could be acquired for $750
million would be approximately 47 million, which represents
approximately 5.2 percent of the Company's issued share
capital.
Purchases of shares will be made on one or more
trading venues, which may include the regulated market of Euronext
Paris, the Mercato Telematico Azionario organised and managed by
Borsa Italiana S.p.A. and the New York Stock Exchange.
The price paid for any share purchased pursuant
to the share buy-back program shall be subject to:
- a minimum of €1.04 per share;
- a maximum of 110 percent of the average of the highest price at
which the shares are quoted on each of the five trading days prior
to the date of the relevant purchase, on each of the regulated
market of Euronext Paris, the Mercato Telematico Azionario
organised and managed by Borsa Italiana S.p.A. and New York Stock
Exchange; and
- a maximum of the greater of (i) the price of the last
independent trade and (ii) the highest current independent purchase
bid on the trading venue where the purchase is carried out;
and
- all other applicable rules.
The actual timing, number and value of Company
shares repurchased under the share buy-back program will depend on
a number of factors, including market conditions, general business
conditions and applicable legal requirements. The Company is not
obligated to carry out the share buy-back program, and, if
commenced, the share buy-back program may be suspended and
discontinued at any time, for any reason and without previous
notice, in accordance with applicable laws and regulations.
The share buy-back program implements the
resolution of the Company's shareholders pursuant to its annual
shareholders' meeting held on May 31, 2018 to repurchase shares in
accordance with the authorisation of the Supervisory Board.
Continuation of the share buy-back program will be subject to
future shareholder approval at the Company's 2019 annual
shareholders' meeting.
The Company will announce details of any share
purchases effected pursuant to the share buy-back program, as
required by applicable laws and regulations. The costs that the
Company may incur in connection with the purchase of the shares
pursuant to the share buy-back program will depend on the price and
the terms on which actual purchases are made.
About STMicroelectronicsST is a global semiconductor
leader delivering intelligent and energy-efficient products and
solutions that power the electronics at the heart of everyday life.
ST's products are found everywhere today, and together with our
customers, we are enabling smarter driving and smarter factories,
cities and homes, along with the next generation of mobile and
Internet of Things devices.By getting more from technology to get
more from life, ST stands for life.augmented.
In 2017, the Company's net revenues were $8.35
billion, serving more than 100,000 customers worldwide. Further
information can be found at www.st.com.
For further information, please contact:INVESTOR
RELATIONS:Céline BerthierGroup VP, Investor RelationsTel :
+41.22.929.58.12celine.berthier@st.com
MEDIA RELATIONS:Alexis
Breton
Director, PR & Media OperationsTel: + 33 6 59 16 79
08alexis.breton@st.com
- ST- Launch of Share Buy-back Program-e.pdf
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