APC 2006 Annual Report Download - page 181

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Report of the Management Board to the Annual Shareholders’
Meeting of April 26, 2007 in accordance with Article L.225-209 of
the French Commercial Code concerning share buyback programs
The Annual Shareholders' Meeting of May 12, 2005
authorized the Company to buy back shares on the
open market. No shares were bought back under this
authorization in 2006.
The Annual Shareholders’ Meeting of May 3, 2006 also
authorized the Company to buy back shares on the
open market. Pursuant to this authorization, the Com-
pany set up a liquidity contract.
Details of the share buyback program submitted for
approval at the Annual and Extraordinary Sharehold-
ers’ Meeting of April 26, 2007 are as follows:
Number of shares and percentage of share capital
held directly and indirectly by Schneider Electric SA:
Treasury stock: 4,546,182 shares
or 2% of the capital
Schneider Electric
shares held via
Cofibel/Cofimines: 2,150,352 shares
or 0.94% of the capital
Total : 6,696,534 shares
or 2.94% of the capital
Purpose: The 4,366,082 shares held in treasury
stock (excluding the liquidity contract) are intended to
serve stock option plans.
Buyback plan objectives:
- Reduce the capital by canceling shares.
- Serve stock option plans or plans to grant shares
without consideration or permit the conversion of
convertible debt securities.
- Finance a future acquisition (rather than issue new
shares at the time of the acquisition).
- Market making under a liquidity agreement.
Maximum number of shares that may be acquired:
10% of the issued share capital, representing, on the
basis of the issued share capital at December 31,
2006, 22,769,834 shares with a par value of 8. Share
purchases may not exceed an aggregate maximum
amount of 2,960,078,420.
Duration: 18 months maximum, expiring on October
25, 2008.
Transactions carried out under the share buyback
program approved by shareholders at the Annual and
Extraordinary Meeting of May 3, 2006:
- Transactions carried out under the liquidity contract:
Number of shares acquired: 3,050,617
Number of shares sold: 2,870,517
- Number of shares transferred since the beginning of
the program: 672,016
Supervisory Board Report
Pursuant to Article L.225-68 of the French Commercial
Code, the Supervisory Board has no comments to
make on the Management Board’s business review or
on the financial statements for the year ended Decem-
ber 31, 2006. In consequence, it encourages share-
holders to follow all the Management Board’s recom-
mendations concerning the resolutions tabled for
approval.
179
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