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Luxottica: final update on the share buyback program and launch of a new buyback program approved at the Shareholders’ Meeting on May 13, 2008
The share buyback program approved at the Shareholders’ Meeting on October 29, 2009 is launched
Milan, Italy, November 13, 2009 – In accordance with article 144-bis, paragraph 4, of the Regulations for Issuers released by Consob under Resolution no. 11971/99, Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) announced today that the share buyback program approved at the Shareholders’ Meeting on May 13, 2008 expired today. The 2008 program provided for the buyback of a maximum of 18,500,000 ordinary shares in the Company for a period of 18 months.
Under the 2008 program, launched on September 21, 2009, Luxottica Group S.p.A. purchased an aggregate amount of 1,325,916 treasury shares, on the Milan Stock Exchange’s Mercato Telematico Azionario (MTA) at an average unit price of Euro 17.13, for an aggregate amount of Euro 22,714,251.
In parallel, Luxottica Group’s subsidiary Arnette Optics Illusions Inc. sold during the same period on the MTA an aggregate amount of 1,177,517 treasury shares, at an average unit price of Euro 17.34, for an aggregate amount of Euro 20,412,346.
Luxottica Group S.p.A. also announced today the launch on November 16, 2009, of the new share buyback program approved at the Shareholders’ Meeting on October 29, 2009, which, like the 2008 program, is intended to provide the Company with treasury shares to efficiently manage its share capital and to implement its Performance Shares Plan. The 2009 program provides for the buyback of a maximum of 18,500,000 ordinary shares in the Company, currently representing 3.99% of the share capital, for a maximum aggregate amount of Euro 370,000,000, for a period of 18 months.
In parallel with the purchases of shares by the Company, Arnette Optics Illusions Inc. will sell on the MTA the 5,257,269 Luxottica Group’s treasury shares it still owns.
As a result, Luxottica Group will have direct control of a number of shares equal to those currently indirectly controlled through its subsidiary. The transactions will be substantially neutral from an economic and financial standpoint.