Altice NV: Altice announces share repurchase programme
August 28 2017 - 2:00AM
August 28, 2017
Altice announces
share repurchase programme
Altice N.V. (Euronext: ATC, ATCB,
"Altice") announces that a programme to repurchase shares with an
aggregate market value equivalent to up to €1 billion will commence
today and will end no later than August 31, 2018.
As part of this programme, Altice
intends to purchase up to €1 billion of Altice common shares A and
Altice common shares B on Euronext Amsterdam in the next twelve
months, which it intends to cancel upon repurchase and/or hold in
treasury. The share repurchase programme forms part of Altice's
strategy to create superior, long-term value for all of its
shareholders and reflects its:
-
confidence in achieving its near- and
medium-term operational and financial targets with all FY 2017
guidance reiterated;
-
conviction in the value creation potential of
the existing footprint in Europe and the US;
-
focus on optimizing its cost of capital with a
diversified and termed-out balance sheet without meaningful
near-term maturities; and
-
commitment to sufficiently liquid trading in its
shares.
Going forward, Altice will
continue to assess the use of excess cash for either significantly
accretive M&A opportunities or further shareholder returns. An
update on the targets for FY 2018 free cash flow and share
repurchases will be given with the publication of Altice's FY
2017 results.
On 28 June 2017, the general
meeting of shareholders authorised Altice to acquire shares in its
own capital for a period of 18 months up to a maximum of 10% of the
issued share capital at a price between the nominal value of the
shares and 110% of the opening price at Euronext Amsterdam at the
date of the acquisition. The share repurchase programme will be
executed within the limitations of this authority granted by the
general meeting of shareholders and of the authority granted at
future general meetings of shareholders. The share repurchase
programme may be suspended, modified or discontinued at any
time.
The share repurchase programme
will be conducted in accordance with the Market Abuse Regulation
596/2014 but will not be conducted within the safe harbour
parameters prescribed by the Commission Delegated Regulation
2016/1052 for buyback programmes. The programme will be executed by
an intermediary and will allow for share repurchases only during
open periods. Transactions effected under the programme will be
reported on quarterly as part of Altice's regular financial
reporting.
Contacts
Chief Investor Relations Officer
Nick Brown: +41 79 720 1503 / nick.brown@altice.net
Chief Communications Officer
Arthur Dreyfuss: +41 79 946 4931 / arthur.dreyfuss@altice.net
Regulated information
This press release contains inside information
within the meaning of Article 7(1) of the EU Market Abuse
Regulation.
Altice share repurchase programme
280817
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Altice NV via Globenewswire
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