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Betzdorf, Luxembourg (SPX) Dec 09, 2005 Shareholders of SES Global, at an Extraordinary General Meeting held at the Company's headquarters in Betzdorf (Luxembourg), voted a motion to cancel 50,140,572 of the Company's shares, after the completion of 77.34% of the share buy-back and cancellation programme authorized by the Annual General Meeting of Shareholders held May 6th, 2005. Within this programme, the Company acquired 50,140,572 of its own shares* for an overall consideration of EUR 517,405,195. All shares acquired under the programme have been cancelled following a reduction of the Company's share capital. SES' free float on Euronext Paris and the Luxembourg Stock Exchange now stands at 46.10 % in economic terms. At the same meeting today shareholders of SES Global furthermore authorized a new share buy-back programme of up to the legal maximum of 10% of the issued share capital. The resolution allows the programme to run until June 8, 2007. Following the authorization, the Board of Directors of SES Global authorized Management to implement a share buy-back programme within a EUR 9.75 ¿ 16.75 price range. SES Global willl implement its new share buy-back programme in compliance with the conditions set forth in the General Regulations of the French financial market authority. Comments Romain Bausch, President and CEO of SES Global: "By cancelling the equivalent of 6.8% of SES' outstanding shares, we create additional value for our shareholders. These share buy-back programmes, combined with our progressive dividend policy, are in line with our strategy of providing cash returns to shareholders while maintaining the required financial headroom to pursue growth opportunities." The 50,140,572 shares acquired by the company were composed of 33,427,048 A- and C-shares plus 16,713,524 B-shares. The B-shares have been purchased at a price equivalent to 40% of the price of A- and C-shares. Community Email This Article Comment On This Article Related Links SES Global SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Stratos Steps Closer To Xantic Acquisition
Bethesda MD (SPX) Jan 5, 2006Stratos Global recently announced it had taken a step closer toward the completion of the acquisition of Xantic, having received positive advice from the Works' Council in the Netherlands, and executed a definitive agreement to purchase Xantic from KPN and Telstra Corporation. |
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