On January 27, 2014, the Board of Directors of FOLLI FOLLIE S.A., under the trade name FOLLI FOLLIE GROUP, decided to implement the share buy back program according to the 14th of June 2013 decision of the Annual General Meeting of shareholders, which approved a share buy back scheme in accordance to Article 16 of Law 2190/20 as amended.
As a result, the Company is intending to buy back shares within the period 24 months, ie until June 14, 2015. Specifically, upon receipt of the above decision of the Annual General Meeting of the Company, can be bought 6.694.821 shares at a maximum amount of shares. Under the plan approved by 14.06.2013 the Annual General Meeting, the minimum purchase price of four euro (€ 4) per share and a maximum purchase price of twenty-five (€ 25) per share.
It is noted to the investment community that, in accordance with the legislation, the implementation of an approved share buy back program is not mandatory. Accordingly, the Company may, at its discretion, not to implement the program or to purchase fewer shares than the maximum approved by the Annual General Meeting. The program implementation will depend on several factors including, without limitation, the existence of other investment opportunities and the availability of funds.
Finally, the Company is willing to comply in relation to the conduct of the purchase of those shares, as referred to in Article 5 of Regulation 2273/2003 of the European Communities on the price and volume of purchases, and referred to in Article 6 § 1 of that Regulation.