Petrom unveils plan to buy back 10mn shares

OMV Petrom (BSE: SNP) approved a repurchase plan of shares in an aggregate amount equivalent to 0.02% of the company’s common capital. The plan will be in effect starting tomorrow, according to a filing to Bucharest Stock Exchange.

The minimum bid price for each share will be 0.1 lei, and the maximum price 0.655 lei, the highest quote of the share until the date when the decision was passed.

The shares will be purchased through the brokerage house UniCredit CAIB Securities Romania and will be in effect for a period of 18 months since the date of publication of the decision in the Official Gazette, namely 19.01.2009, which means OMV Petrom has six months left.

Under the provisions of the protocol signed by Petrom and the Federation of Free and Independent Trade Unions in Romanian Oil Industry (FSLI Petrom) the shares to be bought back will be distributed to the former or current employees of the company having held or holding this capacity starting 14.12.2004 until the termination of the program.

“The shares acquired within the above mentioned buy-back program will be distributed only after NSC’s approval of the simplified prospectus, as OMV Petrom will commence the free distribution of 100 shares to each entitled person”, OMV said in a release.

The payment of shares under the program will be made only from the distributable profit or from OMV Petrom’s reserves, excepting the legal reserves.

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