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5,29%09.07.2009.Decision concerning the conditions for the disposal ot tresaury shares (pro-rated) - Tigar a.d. , Pirot
Pursuant to Article 224 (2) of the Law on Business Companies (Official Gazette of the Republic of Serbia no. 125/2004), having been duly authorized under a resolution of the General Assembly of Shareholders dated 19 June 2009 concerning the disposal of treasury shares, at its meeting held on 3 July 2009 the Board of Directors delivered the following
D E C I S I O N
CONCERNING THE CONDITIONS FOR THE DISPOSAL OF TREASURY SHARES (PRO-RATED)
Article 1
Tigar AD from Pirot (hereafter: the Issuer) has issued a total of 1,718,460 ordinary voting shares identified as: CFI Code ESVUFR, ISIN Number RSTIGRE55421, par value 1,200.00 RSD per share.
Article 2
Under a resolution adopted by the General Assembly of Shareholders on 19 June 2009 concerning the disposal of treasury shares, the Board of Directors of the Issuer, acting within the scope of its authority, has defined the conditions for the sale/disposal of treasury shares as follows:
1. The treasury shares of the Issuer which are to be sold (disposed of) were acquired in the organized market with the goal of eliminating market disturbances.
2. The maximum number of the shares to be sold hereunder is 22,432, or 1.30535% of the total number of shares issued by the Issuer.
3. The shares are identified as follows: CFI Code ESVUFR,
ISIN Number RSTIGRE55421.
4. The treasury shares shall be disposed of on a pro-rated basis, through an offer made to all shareholders following the procedure prescribed by law. Payment for the shares shall be made in cash.
5. The price at which the treasury shares will be disposed of will be based on the movement of Tigar s share price on the Stock Exchange and the average price for the previous three months.
6. The period of the offer, during which shareholders will be entitled to subscribe and make payment for the treasury shares, shall be 30 days.
7. The offer shall be published in daily newspapers circulated across Serbia and shall be sent to the home addresses of all shareholders who are entitled to participate in the sale.
Article 3
All of the Issuer s shareholders of record at the Central Registry of Securities as of the date of publication of the offer in daily newspapers shall be entitled to subscribe and pay for a minimum of one offered share.
Article 4
Any portion of the 22,432 treasury shares, which are not sold on a pro-rated basis, shall be offered for sale in the organized market – the Belgrade Stock Exchange – at the market price.
Any portion of the treasury shares, which are not sold on a pro-rated basis or in the organized market, shall be cancelled pursuant to the law.
E x p l a n a t i o n
Under its resolution dated 19 June 2009, the General Assembly of Shareholders adopted a presented report and authorized the Board of Directors to undertake the legally prescribed procedure for the disposal of treasury shares acquired in the organized market. This Decision defines the conditions for the sale of treasury shares on a pro-rated basis. The offered price will be based on both market information for the previous three months and the price of the shares at the time of publication of the offer, so that the pro-rated disposal does not have a negative effect on the share price movement in the capital market or bring about to any speculative action by investors.
TIGAR AD
BOARD OF DIRECTORS
s. Dragan Nikolić
Chairman
D E C I S I O N
CONCERNING THE CONDITIONS FOR THE DISPOSAL OF TREASURY SHARES (PRO-RATED)
Article 1
Tigar AD from Pirot (hereafter: the Issuer) has issued a total of 1,718,460 ordinary voting shares identified as: CFI Code ESVUFR, ISIN Number RSTIGRE55421, par value 1,200.00 RSD per share.
Article 2
Under a resolution adopted by the General Assembly of Shareholders on 19 June 2009 concerning the disposal of treasury shares, the Board of Directors of the Issuer, acting within the scope of its authority, has defined the conditions for the sale/disposal of treasury shares as follows:
1. The treasury shares of the Issuer which are to be sold (disposed of) were acquired in the organized market with the goal of eliminating market disturbances.
2. The maximum number of the shares to be sold hereunder is 22,432, or 1.30535% of the total number of shares issued by the Issuer.
3. The shares are identified as follows: CFI Code ESVUFR,
ISIN Number RSTIGRE55421.
4. The treasury shares shall be disposed of on a pro-rated basis, through an offer made to all shareholders following the procedure prescribed by law. Payment for the shares shall be made in cash.
5. The price at which the treasury shares will be disposed of will be based on the movement of Tigar s share price on the Stock Exchange and the average price for the previous three months.
6. The period of the offer, during which shareholders will be entitled to subscribe and make payment for the treasury shares, shall be 30 days.
7. The offer shall be published in daily newspapers circulated across Serbia and shall be sent to the home addresses of all shareholders who are entitled to participate in the sale.
Article 3
All of the Issuer s shareholders of record at the Central Registry of Securities as of the date of publication of the offer in daily newspapers shall be entitled to subscribe and pay for a minimum of one offered share.
Article 4
Any portion of the 22,432 treasury shares, which are not sold on a pro-rated basis, shall be offered for sale in the organized market – the Belgrade Stock Exchange – at the market price.
Any portion of the treasury shares, which are not sold on a pro-rated basis or in the organized market, shall be cancelled pursuant to the law.
E x p l a n a t i o n
Under its resolution dated 19 June 2009, the General Assembly of Shareholders adopted a presented report and authorized the Board of Directors to undertake the legally prescribed procedure for the disposal of treasury shares acquired in the organized market. This Decision defines the conditions for the sale of treasury shares on a pro-rated basis. The offered price will be based on both market information for the previous three months and the price of the shares at the time of publication of the offer, so that the pro-rated disposal does not have a negative effect on the share price movement in the capital market or bring about to any speculative action by investors.
TIGAR AD
BOARD OF DIRECTORS
s. Dragan Nikolić
Chairman
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