Italy's Alerion Clean Power launches share buyback programme

Sep 26, 2013 - Italian renewables company Alerion Clean Power SpA (BIT:ARN) said on Wednesday it is launching a share repurchase programme for up to 4,357,900 treasury stock worth up to EUR 10 million (USD 13.5m).

The share buyback programme, approved by the board of directors yesterday, can be carried out within 18 months after the shareholders approval, that is by March 17, 2015, Alerion said in a statement.

The shareholders' meeting approved on September 18, 2013 the share repurchase plan under which the buyback can be made on the market at a price per share neither lower nor higher than 20% of the price of the share on the stock market in the three days preceding each single repurchase.

The shareholders approval does not oblige the company to make buybacks and the programme can be carried out only partially, Alerion said.

Currently, the company has 417,861 treasury stock.

(EUR 1 = USD 1.352)

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