Oil & Gas Industry: Eni Continues Buyback Programme

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Eni, the Italian oil giant also operating in Mozambique Rovuma gas basin, pursuant to the resolution passed by the Shareholders’ Meeting of 8 May, will continue the execution of its buyback programme in accordance with the terms already announced to the market. Purchases will start from 23 June 2014.

The programme represents an effective and flexible management tool for enhancing shareholders’ value, in line with the policies of capital return adopted by major international oil companies.

On the basis of the implementation methods approved by the Eni’s Board of Directors on 28 May 2014, a financial institution has been appointed, for a period not exceeding 16 September 2014, in order to execute part of the programme.

The financial institution will make its decisions in relation to the purchases independently, also with regard to the timing of the purchases, complying with daily limits on prices and volumes. The agreed remuneration will take into account the efficiency of the activity performed by the financial institution.

Purchases will be made on Italy’s Electronic Stock Exchange (Mercato Telematico Azionario) in compliance with art. 144-bis, paragraph 1, letter b) of Consob Regulation 11971/1999 and all applicable provisions, in order to ensure equal treatment of shareholders as required by art. 132 of the Financial Services Act (T.U.F), according to the operating methods established in the regulations for the organization and administration of Borsa Italiana S.p.A., the Italian stock exchange.

As of today Eni owns no. 22,388,287 treasury shares, equal to 0.62% of its share capital. Eni subsidiaries do not own any shares in the company.

 

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