Events & Shows25 Sep 2015
BE Semiconductor Industries Announces Share Repurchase Program
Based on current market prices, Besi believes that it is in the best interest of the Company and its stakeholders to acquire its shares in the open market to enhance shareholder value including a reduction of dilution resulting from share issuance pursuant to employee stock plans.
The repurchase program will be implemented in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. The Company has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam. The timing and amount of any shares repurchased under this program will be determined by the independent broker independently of, and without influence by, the Company. The maximum price to be paid per share under the program will not exceed the higher of the last independent trade price of the shares and the highest current independent bid price of the shares on Euronext Amsterdam. Furthermore, such price will not exceed 110% of the average of the highest quoted price for the shares on the five trading days prior to the date of purchase, as published in the Daily Official List of Euronext Amsterdam. Any repurchased shares will be available in the future for use in connection with its stock plans and for other general corporate purposes, including acquisitions.
The repurchase program will be funded using the Company's available cash resources. As of June 30, 2015, Besi had cash and cash equivalents of € 113.7 million and net cash of € 91.4 million. The maximum number of shares subject to this share repurchase program represents approximately 3% of Besi's 38.1 million shares outstanding at June 30, 2015 (net of treasury shares).
To read the full version of our press release, please downoad the PDF file.