Eni starts its share buyback programme
Eni, pursuant to the resolution passed by the Shareholders’ Meeting of 10 May 2013, will begin from 6 January 2014 the share buyback programme in accordance with the terms already announced to the market.
The programme is aimed at enhancing shareholders’ value over time, in line with the policies adopted by major international oil companies.
On the basis of the implementation methods approved by the Eni’s Board of Directors on 29 October 2013, a financial intermediary has been appointed, for a period not exceeding 30 April 2014, in order to execute part of the program. The financial intermediary will make its decisions in relation to the purchases independently, also with regard to the timing of the purchases, complying with daily limits on prices and volumes. The agreed remuneration will take into account the efficiency of the activity performed by the intermediary.
Purchases will be made on Italy’s Electronic Stock Exchange (Mercato Telematico Azionario) in compliance with art. 144-bis, paragraph 1, letter b) of Consob Regulation 11971/1999 and all applicable provisions, in order to ensure equal treatment of shareholders as required by art. 132 of the Financial Services Act (T.U.F), according to the operating methods established in the regulations for the organisation and administration of Borsa Italiana S.p.A., the Italian stock exchange.
Eni will announce details of the transactions to the market, on the basis of existing regulations.
As of today Eni owns no.11.388.287 treasury shares, equal to 0,31% of its share capital. Eni subsidiaries do not own any shares in the Company.
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