Solvay has announced that its Board of Directors decided to renew its treasury shares programme, which matured at the end of 2009, for a period of one year, for further purchases up to 1.65 million ow…
Solvay has announced that its Board of Directors decided to renew its treasury shares programme, which matured at the end of 2009, for a period of one year, for further purchases up to 1.65 million own shares in 2011. The treasury share investment programme is intended as a temporary investment of a part of the cash resulting from the sale of the pharmaceutical activities before reinvestment in industrial assets. It was initiated one year ago. In 2010, the investment in Solvay shares amounted to 880,766 shares. In accordance with the financial transparency rules and legislation, the description of the treasury share investment programme is as follows: The Extraordinary Shareholders“ Meeting of 12th May 2009 authorized the Board of Directors for a period of five years to acquire on the stock exchange up to a maximum of 16,940,000 of the company“s own shares, at a price between EUR 20 and EUR 150. In the framework thereof, the Board of Directors decided in December 2009 to initiate an investment programme of the company“s own shares. In 2010, the investment in Solvay shares totalled 880,766 shares. This programme has been renewed by the Board of Directors up to end of 2011 for further purchases up to 1.65 million own shares. A credit institution has been mandated to execute this investment programme. On 31 December 2010, Solvay held through its indirect subsidiary Solvay Stock Option Management 2,754,818 Solvay shares or 3.25% of the issued Solvay shares. In line with the applicable regulations, Solvay reports the details of the transactions under this programme on its website. Solvay is an international industrial Group active in chemistry. The Group is headquartered in Brussels and employs about 17,000 people in 40 countries. In 2009, its consolidated sales amounted to EUR 8.5 billion. Solvay is listed on the NYSE Euronext stock exchange in Brussels, Belgium.