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INFORMATION ABOUT THE COMPANY AND ITS CAPITAL
4
Share capital
As a result, based on the example above, the maximum amount
that can be paid by the Company to buy back its own shares is
€7,302,460.
The share purchases may be carried out by anymeans, including
by acquiring blocks of shares and at times determined by the
Management Company. The Management Company may
not, without prior authorisation from shareholders, use this
authorisation during a tender offer initiated by a third party
involving the Company’s securities until the end of the tender
offer period.
The Company does not intend to use options or derivative
instruments.
This authorisation was granted for a period of 18 months.
The buyback programme is funded using the Company’s existing
cash resources.
DESCRIPTION OF THE SHARE BUYBACK
PROGRAMME
In accordancewithArticle 241-2 of theAMF’s General Regulation,
the purpose of this description is to explain the objectives and
termsandconditionsoftheCompany’ssharebuybackprogramme.
Shareholders will be asked to approve this programme at their
General Meetingon 28April 2017. Prior notificationwas published
in France’s official gazette (“BALO”) on 24 March 2017.
Breakdown of shares held by objective
as of 28 February 2017
Number of shares helddirectly and indirectly: 26,194, representing
less than 0.1% of the Company’s share capital.
All of these shares are held for the purpose of ensuring active
trading in theCompany’s shares
via
anAMAFI-compliant liquidity
contract.
As previously reported, Altamir appointed Oddo BHF to
implement its liquidity contract on 2 November 2009.
NEW PROPOSED PROGRAMME
Shareholders will be asked to approve a new share buyback
programme at theGeneral Meeting. Its features will be as follows:
programme authorisation: General Meeting of 28 April 2017;
securities included in the programme: ordinary shares;
maximum percentage of capital that may be repurchased: 1%
(
i.e.
365,123 shares as of this date), with the stipulation that this
limit is calculated as of the date of the buybacks so that any
increases or decreases in capital that might take place during
the course of the programme will be taken into account. The
number of shares used to calculate compliance with the limit
is the number of shares purchased less the number of shares
resold during the programme, for the purpose of maintaining
liquidity;
maximum purchase price: €20 per share;
maximum amount of programme: €7,302,460;
procedures: the share purchases may be carried out by
any means, including by acquiring blocks of shares and
at times determined by the Management Company. The
Management Company may not, without prior authorisation
from shareholders, use this authorisation during a tender offer
initiated by a third party involving the Company’s securities
until the end of the tender offer period. The Company does not
intend to use options or derivative instruments;
objective: ensure secondarymarket activity and liquidity in the
Company’s shares
via
a liquidity contract with an investment
services provider that complies with the AMAFI Code of
Conduct, approved by the regulatory authorities;
programme duration: 18 months, starting from the General
Meeting of 28 April 2017,
i.e.
until 27 October 2018.
Results of the share buyback programme
The results of the programme for 2016 were as follows, keeping in mind that all of these transactions were carried out under the
liquidity contract:
Volume
Amount
(€)
Average price
(€)
Purchases
379,071
4,098,110
10.81
Sales
396,650
4,004,951
10.10
These transactions resulted in a zero gain for Altamir, net of
additions to and reversals of provisions, for the financial year
ended 31 December 2016.
The number of shares held in treasury at 31 December 2016 was
16,632, or less than 0.1% of the share capital. All of the shares
were allocated tomaintaining a secondarymarket
via
the liquidity
contract.
Their value at the closingprice on 31 December 2016was €212,391.
Their weighted average cost was €204,703.
The overall par value was €99,792.
The total amount of fees for the liquidity contract, including
transaction costs, was €45,000 excl. VAT.
Shares held in treasury were not used in any way, nor reallocated
during the financial year 2016.
As of 31 December 2016, the liquidity account was composed of:
16,632 shares;
€513,340 in cash and money market funds.
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REGISTRATION DOCUMENT
1
ALTAMIR 2016