On 4th July 2011, the Board of Directors of DUTY FREE SHOPS INDUSTRIAL MANUFACTURING TECHNICAL AND BUSINESS COMPANY S.A., under the trade name FOLLI FOLLIE GROUP, decided to implement the share buy back program according to the 24th of June 2011 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 24, 2013 by no more than 5,696,750 shares. Specifically, upon receipt of the above decision of the Annual General Meeting of the Company, can be bought 5,696,750 shares at a maximum amount of shares which totalised the 362,071 own shares already held by the Company at the time making the above decision of the Annual General Meeting, shall not exceed 1 / 10 of the paid up share capital. Under the plan approved by 24.06.2011 the Annual General Meeting, the minimum purchase price of five euro (€ 5) per share and a maximum purchase price is 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