SES cancels 25,002,156 shares, creating additional Shareholder Value
|
New buyback programme authorized SES GLOBAL to become SES, in move to leverage strong SES brand worldwide Shareholders of SES GLOBAL S.A. (Euronext Paris and Luxembourg Stock Exchange: SESG), at an Extraordinary General Meeting held at the Company’s headquarters in Betzdorf (Luxembourg) today, approved the cancellation of 25.002.156 of the Company’s shares, completing the share buy-back and cancellation programme authorized by the Extraordinary General Meeting of Shareholders held December 8th, 2005. Within this programme, the Company acquired 25.002.156 of its own shares* for an overall consideration of EUR 233.125.770. All shares acquired under the programme have been cancelled following a reduction of the Company’s share capital. Shareholders of SES also authorized a new share buy-back programme of up to the legal maximum of 10% of the issued share capital. The resolution allows the programme to run until June 2008. The company will implement the share buy-back programme within a EUR 9.75 – 19.75 price range in compliance with the conditions set forth in the General Regulations (Règlement général) of the French financial market authority (Autorité des Marchés Financiers). In a move to leverage the strong and recognized SES brand worldwide and to better reflect SES’ corporate structure through a streamlined brand hierarchy, shareholders of SES also adopted a resolution to change the official denomination of SES GLOBAL to “SES”. SES’s ticker symbols SESG on Euronext Paris and the Luxembourg Stock exchange remain unaffected by this change. Comments Romain Bausch, President and CEO of SES: “SES has cancelled 6.8 % of its shares in 2005 and 3.6% in 2006, thus creating considerable added value for its shareholders. We will continue to do so with the implementation of the new share buy-back and cancellation programme, in addition to and above our longstanding progressive dividend policy and investments in future growth.”
*Note to the editor: The 25,002,156 shares acquired by the company were composed of 16,668,104 A-shares plus 8.334.052 B-shares. The B-shares have an economic value equivalent to 40% of A-shares.
About SES SES (Euronext Paris, Luxembourg Stock Exchange: SESG) wholly owns three market-leading satellite operators, SES ASTRA in Europe, SES AMERICOM in North America, and SES NEW SKIES, which provide global coverage and connectivity. The Company also holds strategic participations in AsiaSat in Asia, Star One in Latin America, SES Sirius in Europe, Ciel in Canada and Quetzsat in Mexico. Americom Government Services provides network solutions and bandwidth to the US government and its contractors. SES provides outstanding satellite communications solutions via a fleet of 44 satellites on 33 orbital positions around the globe. Additional information on SES is available at: www.ses-global.com
For further information please contact:
|