Vassiliko Cement shareholders approve share buyback programme for the next 12 months

Nicosia, Cyprus. Shareholders of Vassiliko Cement Works Public Company Ltd unanimously passed a special resolution on Thursday that allows the board to repurchase the company’s own shares over the coming year. The authorisation is subject to caps on both the quantity of shares bought and the prices paid.

Scope of the authorisation

The resolution was adopted at an extraordinary general meeting. It empowers the board to acquire company shares during the 12 months that follow the meeting.

Limits on volume and holding period

The shares purchased may not exceed 10 per cent of the issued share capital, or 25 per cent of the average value of transactions on the Cyprus Stock Exchange (CSE) in the 30 days before each purchase. Whichever of the two thresholds is lower will apply. The company may keep any repurchased shares for up to two years.

Price conditions and funding

The maximum price per share may not be more than 5 per cent above the average market price recorded over the five trading sessions before the purchase in question. No minimum price has been fixed. Payments must come from realised and undistributed profits.

Implementation

The resolution also gives the company secretary authority to take all steps needed to carry out the decisions approved by shareholders.