DGAP-News: Elster Group SE / Buy-back of American Depository Shares
(firmenpresse) - DGAP-News: Elster Group SE / Key word(s): Share Buyback
Elster Group SE / Buy-back of American Depository Shares
19.03.2012 / 11:05
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Disclosure according to Art. 4 (2) Commission Regulation (EC) No. 2273/2003
Elster Group SE / Buy-back of American Depository Shares
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Utilization for honoring subscription rights for American Depository Shares
on the basis of the company's Long Term Incentive Plan
Essen, March 19, 2012: With the implementation of the IPO, Elster Group SE,
Essen, has entered into a Long Term Incentive Plan ('LTIP') for members of
the senior management. The lifetime of the LTIP is ten years starting with
the IPO of Elster Group SE and comprises in total 7,405,000 American
Depository Shares representing ordinary shares in the company ('ADS').
Based on certain criteria, the company will grant participants related
awards which will, subject to the terms and conditions of the LTIP,
generally vest after four years. In this context, the company intends to -
from time to time - launch ADS buy-back programs for certain proportions of
the total ADS amount under the LTIP targeting at minimizing the overall
cost of such LTIP.
With resolution adopted on September 30, 2010, the Shareholders' Meeting of
Elster Group SE has empowered the company until September 30, 2015, to
buy-back own ordinary shares and/or ADS in a volume of up to 10% of the
company's registered share capital at the time of the resolution. According
to the resolution, the buy-back of own ordinary shares and/or ADS is
effected as determined by the Managing Directors with the consent of the
Administrative Board. When acquiring own ordinary shares and/or ADS over
the stock exchange of their initial registration (i.e., the New York Stock
Exchange), the price per ordinary share and/or ADS (excluding acquisition
side costs) paid by Elster Group SE must not exceed, or fall short of, each
by 10%, the first stock market price per ordinary share and/or ADS
determined on the acquisition day on the stock exchange of their initial
registration (i.e., the New York Stock Exchange).
On March 16, 2012, the Managing Directors, with the consent of the
Administrative Board, passed a resolution to utilize the aforementioned
empowerment and to buy-back up to 750,000 ADS (ISIN US2903481016). Each
ordinary share of Elster Group SE is represented by four ADS so that the
acquisition indirectly relates to up to 187,500 ordinary shares and
therefore up to approximately 0.06% of the company's registered share
capital at the time of the adoption of the empowerment resolution
(approximately 0.66% of the current registered share capital). The buy-back
shall start on April 16, 2012 and shall be finished on September 17, 2012.
The maximum purchase price (excluding acquisition side costs) of the ADS to
be acquired amounts to USD 13,500,000 in the aggregate.
The ADS of the Company will be acquired over the New York Stock Exchange
and in accordance with Commission Regulation EC 2273/2003 of December 22,
2003 as well as in accordance with a so-called trading plan on the basis of
conditions set forth therein in compliance with Rule 10b-18 and Rule 10b5-1
of the US Securities and Exchange Act 1934.
The acquisition is effected by Merrill Lynch, Pierce, Fenner&Smith
Incorporated, an investment firm within the meaning of Art. 2 No. 1
Commission Regulation (EC) 2273/2003 that decides independently of, and
without influence by, Elster Group SE on the time of the acquisition of ADS
of the company.
As far as permitted by all applicable laws, the acquisition can be
suspended and resumed at any time.
The acquired ADS shall be utilized to honor acquisition rights for ADS
granted by the company under the existing LTIP.
Elster Group SE will disclose information on the transactions effected on a
respective trading day in a manner corresponding with the requirements set
forth in Art. 4 (4) Commission Regulation (EC) 2273/2003 within seven
trading days on the company's website at http://investors.elster.com/. In
addition, the company will report on the acquisition in its annual report
in form 20-F.
Contact: Elster Group SE, Mr. Steffen Patzak, Frankenstraße 362, D-45133
Essen, Germany, Phone: 06134/605-500, Fax: 06134/605-502, E-Mail:
steffen.patzak(at)elster.com, www.elster.com
End of Corporate News
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161157 19.03.2012
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Datum: 19.03.2012 - 11:05 Uhr
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