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Resolutions Passed by Ordinary Shareholders’ Meeting on 27 April - Approval of statutory financial statements for the year ended on 31 December 2009 and presentation of 2009 consolidated financial statements
Resolutions Passed by Ordinary Shareholders’ Meeting on 27 April

 

NewswireToday - /newswire/ - Amaro, Udine, Italy, 2010/04/27 - Approval of statutory financial statements for the year ended on 31 December 2009 and presentation of 2009 consolidated financial statements.

   
 
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• Statutory financial statements for the year ended on 31 December 2009 approved and 2009 consolidated financial statements presented to shareholders;

• Purchase and disposal of own shares authorized

Approval of statutory financial statements for the year ended on 31 December 2009 and presentation of 2009 consolidated financial statements

The Ordinary Shareholders’ Meeting of Eurotech SpA, which met today on second call in Amaro under the chairmanship of Roberto Siagri, approved statutory financial statements for the year ended on 31 December 2009, confirming the data of the draft financial statements approved by the Board of Directors on 15 March 2010, and also presented 2009 consolidated financial statements to shareholders.

Eurotech Group. In FY2009 consolidated net revenues totalled € 83.53 million (mn) (€ 91.73 mn in FY2008) and EBIT amounted to € -6.63 mn (€ -13.52 in FY2008), with a net loss of € -9.60 mn (€ -12.71 mn in FY2008).

Eurotech SpA. The parent company ended 2009 with a net loss of € -9.22 mn (€ -12.00 mn in FY2008).

Authorization of purchase of own shares

The Shareholders’ Meeting passed a resolution authorizing the purchase and disposal of own shares, for the purposes contemplated by market practice concerning share buyback to create a so-called “securities inventory”, as allowed by the CONSOB (Italian securities & exchange commission), pursuant to Article 180, paragraph 1, letter c), of Italian Legislative Decree 58/1998, with its resolution no. 16839 of 19 March 2009.
At any given time the transactions for the purchase and sale of own shares forming the subject of the authorization resolution can be arranged for the following purposes: (i) for the purposes of possible use of the shares as payment in extraordinary operations, also involving equity swaps with other parties as part of deals in the Company’s interest, or (ii) for the purposes of using any such treasury shares to service programmes for distribution, with or without consideration, of stock options or shares to directors, employees and outside staff of the Company, or of the latter’s subsidiaries, as well as for bonus stock grant programmes.

The authorization has been resolved for a period of 18 months as from the date of the Ordinary Shareholders’ Meeting resolution for the purchase, also in several tranches, of ordinary shares without express par value, up to a maximum amount such that, taking into account the ordinary shares held at any given time by the Company and by its subsidiaries, the total number of treasury shares does not exceed the maximum limit established by the regulations applicable at that time. The resolution envisages that purchases of own shares be made at a price not more than 15% lower and not more than 15% higher than the official price recorded for Eurotech stock on the market trading day preceding each individual purchase transaction or, if purchases are made by means of a public exchange or tender offer, at a price not more than 15% lower and not more than 15% higher than the official price recorded for Eurotech stock on the market trading day preceding announcement to the public. Authorization of disposal of treasury shares has been resolved without any time limits.

Pursuant to Article 154-bis, paragraph 2, of the Italian Consolidated Finance Act (Legislative Decree 58/1998), the financial reporting manager of Eurotech SpA, Sandro Barazza, herewith declares that the financial disclosure contained in this press release corresponds to documentary evidence, corporate books, and accounting records.

 
 
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Written by / Agency / Source: Eurotech Group / Eurotech S.p.A.

 
 

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Resolutions Passed by Ordinary Shareholders’ Meeting on 27 April

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