ASM International N.V. (Euronext Amsterdam: ASM) today reports commencement and details of share buyback program.
ALMERE, Netherlands, Nov. 30, 2015 (GLOBE NEWSWIRE) -- On October 28, 2015 ASM International N.V. ("ASMI") announced a €100 million share buyback to be executed within the 2015-2016 timeframe. As part of this program, ASMI will purchase shares which it intends to cancel upon repurchase. In addition ASMI will purchase, as part of this program, shares to cover employee stock and stock option plans.
The buyback will be realized through a program executed by intermediaries through on-exchange purchases or through off-exchange trades and will end on completion of the program, but ultimately on November 20, 2016.
On May 21, 2015 the General Meeting of Shareholders authorized ASMI to repurchase common shares for a period of 18 months up to a maximum of 10% of the issued capital at a price at least equal to the shares' nominal value and at most equal to 110% of the share's average closing price according to the listing on the NYSE Euronext Amsterdam stock exchange during the five trading days preceding the purchase date. The buyback program will be executed in accordance with the conditions of this mandate given by the General Meeting of Shareholders.
The maximum number of shares to be repurchased on any given day will not exceed 25% of the average daily trading volume on the regulated market on which purchases are made, calculated over the last 20 trading days before the date of repurchase. The program does not include the repurchase of ASMI's New York Registry Share program.
The repurchase program is part of ASMI's commitment to use excess cash for the benefit of its shareholders.
ASMI will update the markets on the progress of the buyback program on a weekly basis. This information can be found on the ASMI website (www.asm.com).
About ASM International
ASM International N.V., headquartered in Almere, the Netherlands, its subsidiaries and participations design and manufacture equipment and materials used to produce semiconductor devices. ASM International, its subsidiaries and participations provide production solutions for wafer processing (Front-end segment) as well as for assembly & packaging and surface mount technology (Back-end segment) through facilities in the United States, Europe, Japan and Asia. ASM International's common stock trades on the Euronext Amsterdam Stock Exchange (symbol ASM) and in the U.S. on the OTCQX® Best Market (symbol ASMIY). For more information, visit ASMI's website at www.asm.com.
Cautionary Note Regarding Forward-Looking Statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholder and other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, epidemics and other risks indicated in the Company's reports and financial statements. The Company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.
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Press Release Details of Share Buyback Program http://hugin.info/132090/R/1970241/720271.pdf
Source:ASM International NV