Share buyback programme launched
September 14 2015 - 7:33AM
Italian Regulatory (Text)
Press release
Ospitaletto, 14 September 2015
SABAF: share buyback programme launched
In execution of the shareholders' meeting resolution of 5 May 2015,
Sabaf S.p.A. hereby announces, pursuant to article 144-bis,
paragraph 3 of the Issuers' Regulation, the launch of a share
buyback programme. The buyback programme in question concerns up to
a maximum of 1,153,345 shares, equal to 10% of the share capital.
The purchases will be made on the market, in accordance with the
procedures set out by article 144-bis of Consob Regulation
11971/99, at a price not more than 10% higher than the average of
the official prices recorded on the equity market (Mercato
Telematico Azionario - MTA) in the five sessions prior to the
transaction. The maximum number of shares that may be purchased
daily shall not be greater than 25% of the average daily volume of
shares traded on the market, in compliance with Commission
Regulation (EC) no. 2273/2003. As an exception to this limit, in
the event that the stock's liquidity is extremely low, it will be
possible to purchase a higher number of shares every day, provided
that this quantity is no greater than 50% of the average daily
volume of ordinary shares traded on the market. Purchases will be
conducted through a leading financial intermediary. The programme's
objectives are as follows: - in accordance with Company strategy,
to use treasury shares as part of the transactions related to
business plans or agreements with strategic partners or in the
framework of investment transactions, or other extraordinary
financial transactions that imply assignation or utilisation of
treasury shares; - to offer shareholders an additional tool to
liquidate their investments; - to conduct operations to support
market liquidity. Sabaf S.p.A. currently holds 507 treasury shares,
equal to 0.004% of the share capital. The buyback programme will
end within 18 months after the date of the aforementioned
shareholders' resolution. Note, finally, that the shareholders'
authorisation carries no obligation for the Company to make
purchases, and the programme may also therefore be only partially
carried out; its execution is subject to amendment or cancellation
at any time, of which the market shall be immediately informed.
For more information:
Investor Relations Gianluca Beschi tel. +39 030 6843236
gianluca.beschi@sabaf.it www.sabaf.it Press Office
Power Emprise - tel. +39 02 39400100
Cosimo Pastore +39 335 213305 cosimopastore@poweremprise.com Sara
Pavesi - +39 340 6486083
sarapavesi@poweremprise.com
Erminia Cannistrà - +39 340 8684279
erminiacannistra@poweremprise.com
Founded in the early 1950s, SABAF has grown consistently over the
years to become the key manufacturer in Italy and one of the
leading in the world of components for kitchens and domestic gas
cooking appliances. There are four main production lines: valves,
thermostats and burners for gas cooking appliances and hinges for
ovens, washing machines and dishwashers.Technological expertise,
manufacturing flexibility, and the ability to offer a vast range of
components tailor-made to meet the requirements of individual
manufacturers of cookers and built-in hobs and ovens and in line
with the specific characteristics of its core markets are Sabaf's
key strengths in a sector featuring major specialisation,
constantly evolving demand and an ever-increasing orientation
towards products assuring total reliability and safety. The Sabaf
Group has more than 700 employees. It operates through its direct
parent company Sabaf S.p.A. and the subsidiaries Faringosi Hinges
(leader in the production of oven and dishwasher hinges), and Sabaf
do Brasil, Sabaf Turkey and Sabaf China, which are active in
production of burners for their regional markets.
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