Energia
VELCAN: SHARE BUYBACK PROGRAMME
PRESS RELEASE
Luxembourg, 13 September 2018
In compliance with articles 241-1 and 242-2 of the regulations, this document describes the share buyback programme authorized by the Shareholder's general meeting dated 28 June 2017, of which the implementation has been decided by the Board of Directors.
The Company's authorization to buy back its own shares was given by the Shareholders' General Meeting of June 28 , 2017 (8 resolution). It is implemented for this plan by decision of the Board of Directors dated 12 September 2018
As of date, the Company holds 374 069 own shares, representing 5.95% of the share capital, of which the break-up by objective is the following:
The purpose of the buyback programme is to buy back shares of the Company from minority shareholders wishing to sell them at current market conditions, but not finding sufficient liquidity, in view of their cancellation, towards active management of the shareholders' funds.
In compliance with the limits voted by the 8 resolution of the Shareholder's General Meeting of June 28 , 2017, the buyback program will be implemented under the following conditions:
18 months from September 13 , 2018, in accordance with the authorization given at the Shareholder's General Meeting of June 28 , 2017, i.e. no later than March 11 , 2020 included.
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Investor Relations Contact investor@velcan.lu
Velcan Holdings is a Luxemburg headquartered investment holding company founded in 2005, operating as an independent power producer in emerging countries and managing a global portfolio of financial assets.
The company owns and operates one 15MW hydro power plant in Brazil that it developed and built in 2009. Its major power project under development is a cascade of hydropower concessions located in India and totalling 571 MW. The Group also has a smaller project of 18MW in Indonesia.
Hydropower concessions provide long periods of cash generation but their development outcome is uncertain and many years are needed to bring these projects to maturity in emerging countries: it involves field studies in remote places, obtaining the necessary authorizations and permits, and land acquisition in political and regulatory environments that can be unstable or heavily hampering. Meanwhile Velcan Holdings actively manages its treasury, investing in listed financial instruments and private equity deals.
Velcan Holdings' headquarters are in Luxemburg, with administrative and financial offices in Singapore and Mauritius. The team dedicated to the development of the Indian hydropower cascade is based in New Delhi and at the project site (Arunachal Pradesh).
The company was launched more than 10 years ago by its reference shareholder Luxembourg Hydro Power SA, owned by Velcan Holdings' management team.
Velcan Holdings is listed on the Paris Euronext Growth Stock Market (Euronext Growth/Ticker ALVEL/ISIN FR0010245803).
Velcan Holdings never performed any Public Offer as understood under Directive 2003/71/CE of the European Parliament and Council.
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