Share Buy Back 2019

Extra cash utilization

In coherence with Aperam’s financial policy (Link), remaining* extra cash will be utilized in the most optimum way. This includes share buy backs. 

* after investing in the company’s sustainability, in value accretive growth and M&A, and paying dividend.

 

Announcement of the 2019 share buyback programme prior to the start of trading  

On 6 February 2019, Aperam announced a share buyback program under the authorization given by the annual general meeting of shareholders held on 5 May 2015  and, or under any renewal of such authorization at the May 7, 2019 annual general meeting of shareholders (the “Program”).

Aperam will appoint an investment services provider to execute the repurchases of shares in the open market during open and closed periods. 

Aperam intends to repurchase per day a variable number of shares at market price, for an aggregate maximum amount of one hundred (100) million euros and a maximum of 3.7 (three point seven) million shares, over a period from 9th February 2019 up until 31 December 2019. The price per share, of the shares to be bought under the Program, shall not exceed 110% of the average of the final listing prices of the 30 trading days preceding the three trading days prior to each date of repurchase, in accordance to the resolution of the annual general meeting of shareholders held on 5 May 2015. Such shareholder resolution is to be renewed at the May 7, 2019 annual general meeting of shareholders.

Simultaneously, the Mittal family has declared its intention to enter into a shares repurchase agreement with Aperam, to sell each trading day on which Aperam has purchased shares under the Program, an equivalent number of shares, at the proportion of the Mittal family’s stake of 40.96% of issued and outstanding shares of Aperam, at the same price as the shares repurchased on the market. The effect of the share repurchase agreement is to maintain Mittal family’s voting rights in Aperam’s issued share capital (net of Treasury Shares) at the current level, pursuant to the Program.

The shares so acquired under this buyback program are intended to be cancelled to reduce the share capital of Aperam.

 

Completion of the Share Buy Back 2019

On June 27, 2019, Aperam announced the completion of the share buyback program. In aggregate, 3,700,000 shares were bought under this Program, representing an equivalent amount of EUR 92.6 million.

  • Period of repurchases: 1 April 2019 to 19 June 2019 (based on trade date)
  • Number of shares acquired: 3,700,000

             - Out of which on Euronext Amsterdam and other regulated dealing platforms1: 2,184,494
             - Out of which on Euronext off market platform from the Mittal family: 1,515,506

  • Pecuniary amount of shares acquired: EUR 92.6 million

            - Out of which on Euronext Amsterdam and other regulated dealing platforms1: EUR 54.7 million
            - Out of which on Euronext off market platform from the Mittal family: EUR 37.9 million 

1 Chi-X, Turquoise & BATS

 

Reporting of transactions of the 2019 share buyback programme in accordance with Market Abuse Regulation

In accordance with the Market Abuse Regulation, transactions relating to the buyback programme are reported below:

  • Over the period June 17, 2019 to June 19, 2019 a total of 208,728 shares were bought at a weighted average price of EUR 23,66 per share out of which 123,234 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 85,494 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  June 17, 2019 to June 19, 2019 is available at the following link: PDF Link

 

  • Over the period June 10, 2019 to June 14, 2019 a total of 191,415 shares were bought at a weighted average price of EUR 23,26 per share out of which 113,013 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 78,402 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from June 10, 2019 to June 14, 2019 is available at the following link: PDF Link

 

  • Over the period June 3, 2019 to June 7, 2019 a total of 204,097 shares were bought at a weighted average price of EUR 21,70 per share out of which 120,500 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 83,597 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  June 3, 2019 to June 7, 2019 is available at the following link: PDF Link

 

  • Over the period May 27, 2019 to May 31, 2019 a total of 333.829 shares were bought at a weighted average price of EUR 21,70 per share out of which 197,094 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 136,735 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  May 27, 2019 to May 31, 2019 is available at the following link: PDF Link

 

  • Over the period May 20, 2019 to May 24, 2019 a total of 572,054 shares were bought at a weighted average price of EUR 22,10 per share out of which 337,742 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 243,312 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  May 20, 2019 to May 24, 2019 is available at the following link: PDF Link

 

  • Over the period May 13, 2019 to May 17, 2019 a total of 594,117 shares were bought at a weighted average price of EUR 23,38 per share out of which 350,768 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 243,349 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  May 13, 2019 to May 17, 2019 is available at the following link: PDF Link

 

  • Over the period April 29, 2019 to May 3, 2019 a total of 406,367 shares were bought at a weighted average price of EUR 27,36 per share out of which 239,920 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 166,447 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  April 29, 2019 to May 3, 2019 is available at the following link: PDF Link

 

  • Over the period April 22, 2019 to April 26, 2019 a total of 406,011 shares were bought at a weighted average price of EUR 28,71 per share out of which 239,710 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 166,301 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  April 22, 2019 to April 26, 2019 is available at the following link: PDF Link

 

  • Over the period April 15, 2019 to April 19, 2019 a total of 265,197 shares were bought at a weighted average price of EUR 29,36 per share out of which 156,574 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 108,623 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  April 15, 2019 to April 19, 2019 is available at the following link: PDF Link

 

  • Over the period April 8, 2019 to April 12, 2019 a total of 331.366 shares were bought at a weighted average price of EUR 28.16 per share out of which 195.640 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 135,726 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  April 8, 2019 to April 12, 2019 is available at the following link: PDF Link

 

  • Over the period April 1, 2019 to April 5, 2019 a total of 186.819 shares were bought at a weighted average price of EUR 27,38 per share out of which 110.229 shares were bought on Euronext Amsterdam and other regulated dealing platforms (Chi-X, Turquoise & BATS), and 76,520 shares on Euronext off market platform from the Mittal family. The detailed statement of own shares dealings made from  April 1, 2019 to April 5, 2019 is available at the following link: PDF Link

Reporting obligations for persons discharging managerial responsibilities in accordance with Market Abuse Regulations

As per the shares repurchase agreement of the Mittal family described above, notification obligations for persons discharging managerial responsibilities are made available on the Company’s website, under the Corporate Governance, Share transactions by management section, or here.

Link to previous share buyback programmes: 2017 I 2018