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Ageas Announces Share Buy-Back Program-Hugin


Monday, 6 Aug 2012 01:01am EDT 

Hugin reported that Ageas has decided to initiate a share buy-back program of its outstanding common stock for a maximum amount of up to EUR 200 million. Recently the Company and ABN AMRO reached a settlement, amongst others to compensate the Company for the 106.7 million shares it issued in December 2010 for the conversion of the Mandatory Convertible Securities, which were recorded as a liability on ABN AMRO's balance sheet. At the time, ABN AMRO did not compensate Ageas for this share-issuance and Ageas's shareholders therefore suffered dilution. Now that an indemnity has been paid, the Company has decided to launch a share buy-back program of maximum EUR 200 million to mitigate this dilution. The Company will launch the share buy-back program as of August 13, 2012 for a period ending on February 19, 2013 at the latest. This program will be implemented in accordance with industry practices and in compliance with the applicable buy-back rules and regulations. To this end, the Company has mandated an independent broker to execute the program through open market purchases on its behalf on NYSE Euronext Brussels. The bought back shares will be held as treasury shares until such time a decision to cancel these securities is formally approved by the shareholders. After completion of the share buy-back program and assuming all other elements remain constant, the net cash position will amount to EUR 1.3 billion. 

Company Quote

29.115
-0.33 -1.12%
11:35am EDT