APC 2007 Annual Report Download - page 178

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Treasury stock: 4,173,244 shares,
or 1.70% of the capital
Own shares: 2,276,857 shares,
or 0.93% of the capital
Total 6,450,101 shares,
or 2.62% of the capital
Report of the Management Board to the Annual
Shareholders’ Meeting of April 21, 2008 in accordance
with Article L.225-209 of the French Commercial Code
concerning share buyback programs and description of
the share buyback program submitted for approval
The Annual Shareholders' Meeting of May 3, 2006 au-
thorized the Company to buy back shares on the open
market. Pursuant to this authorization, the Company set
up a liquidity contract.
The Annual Shareholders' Meeting of April 26, 2007 also
authorized the Company to buy back shares on the open
market. The liquidity contract is still in effect.
Details of the share buyback program submitted for ap-
proval at the Annual and Extraordinary Shareholders’
Meeting of April 21, 2008 are as follows:
Number of shares and percentage of share capital held
directly and indirectly by Schneider Electric SA as of Jan-
uary 31, 2008:
Purpose:
- The 3,947,644 shares held in treasury stock (excluding
the liquidity contract) are held for allocation on the exer-
cise of stock options.
Buyback plan objectives:
- Reduce the capital by canceling shares.
- Hold shares for allocation on the exercise of stock option
plans or stock grant plans or to 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 as of the date of the An-
nual Meeting, representing, on the basis of the issued
share capital at January 31, 2008, 24,530,120 shares with
a par value of 8.
- Taking into account treasury stock and own shares at
January 31, 2008 (6,450,101 shares), the number of
shares that could be bought back under the authorization
comes to 18,080,019, or 7.37% of the issued capital.
Maximum purchase price and maximum aggregate
amount of share purchases:
- The maximum purchase price is set at 130 per share.
- Share purchases may not exceed an aggregate maxi-
mum amount of 3,188,915,600.
Duration:
- 18 months maximum, expiring on October 20, 2009.
Transactions carried out under the share buyback pro-
gram approved by shareholders at the 2007 Annual
Meeting:
- The transactions described below were carried out under
the liquidity contract between April 27, 2007 and January
31, 2008.
- Number of shares acquired: 3,570,531
- Number of shares sold: 3,427,431
- Number of shares transferred since the beginning of the
program: 217,923.
176