A corporation with capital of EUR7,350,000
Registered office: Les Pléiades no. 21, Park Nord, La Bouvarde
74370 METZ-TESSY - FRANCE
Local business registry: 325 520 013 RCS Annecy
(55 B 1)
Outline of the stock buy-back program approved by the Regular and Extraordinary
Shareholders' Meeting of May 26, 2011 and drawn up pursuant to the provisions of
Article 241-2 of the General Regulations of the French Financial Market
Pursuant to the provisions of Article 241-2 of the General Regulations of the
French Financial Market Authority, the purpose of this notice is to outline the
goals and means of the Company's program to buy back its own stock as authorized
by the Shareholders Meeting of May 26, 2011.
This document is made available to stockholders on the Company's website
(www.psbindus.com) as well as on the website of les Echos
I - PURPOSE OF THE STOCK BUY-BACK PROGRAM
PSB INDUSTRIES intends to undertake a stock buy-back program with the following
objectives, in decreasing order of priority:
- To stimulate trading in Company shares through an investment services provider
under a liquidity contract in accordance with the AMAFI (before: AFEI - French
Association of Investment Firms)statement of professional ethics that was
approved by the French Financial Market Authority;
- To purchase shares in order to hold them for later use in exchange or in
payment as part of an external growth strategy.
II - FRACTION OF EQUITY AND BREAKDOWN OF SHARES HELD BY THE COMPANY AS ATMAY
27, 2011 FOR THE PURPOSES OF THE BUY-BACK PROGRAM
The issuer directly or indirectly holds 41,273 shares as at May 27, 2011,
representing 1.12% of the Company's equity capital, entirely due to trading
under the liquidity contract.
III - MAXIMUM FRACTION OF EQUITY, MAXIMUM NUMBER OF SHARES AND MAXIMUM EURO
AMOUNT AUTHORIZED FOR THE BUY-BACK OF SHARES WHICH THE COMPANY PLANS TO
The maximum number of shares acquirable under the program may not exceed 10% of
equity capital, that is, 367,500 shares.
The maximum purchase price is set at EUR50 per share and the minimum resale
price must not be less than EUR20 per share.
Consequently, if PSB INDUSTRIES were to make use of the entire authorization,
the maximum amount that it would be liable to pay out, assuming purchases are
made at the maximum price authorized by the stockholders, would be
IV - TYPE OF SHARES THAT THE COMPANY PLANS TO ACQUIRE
The Company's common stock listed on the Paris Exchange, under
ISIN Code FR0000060329
V - METHODS OF BUYING BACK THE SHARES THAT THE COMPANY PLANS TO ACQUIRE
The shares may be bought back through an investment services provider under a
VI - DURATION OF PROGRAM
The authorization for the Company to buy back its own shares runs through
November 26, 2012.