Umicore seeks shareholder approval to cancel five million shares and
maintains full year results expectations
Umicore has convened an Extraordinary General Meeting, the main
objective of which is to obtain shareholder approval for the
cancellation of five million shares, thereby reducing the total
number of shares outstanding from 125,000,000 to 120,000,000.
Cancellation of these shares will enable Umicore to complete the
remaining Â¤ 70 million of its Â¤ 400 million share buy-back programme.
Umicore currently holds 9.6% of its shares in treasury, close to the
current legal threshold of 10%.
At the meeting Umicore will also seek a renewal of its authorization
to acquire its own shares, an authorization that would last until the
Ordinary General Meeting of 2010. The company will also request that
shareholders authorize an increase in the authorized limit for buying
back its own shares from 10% to 15% of the outstanding shares should
draft Belgian legislation be passed in this regard. Such a move would
provide the company with greater scope and flexibility in any future
share buy-back operation. Approval will also be sought to modify the
company's bylaws to comply with the latest directives regarding
It is not expected that a voting quorum will be reached at the
meeting, which is scheduled for Thursday 13 November. A second
meeting is therefore likely to be required and is expected to take
place on Tuesday 9 December. The convening notice and full agenda for
the meeting can be found on Umicore's website:
Umicore will publish its third quarter trading update on 23 October.
Ahead of the announcement, CEO Thomas Leysen confirmed the company's
earnings expectations for 2008: "There has been a noticeable slowdown
in the automotive sector but this eventuality had to a large extent
been anticipated and there is therefore no reason to adapt the
earnings guidance range which we published in August. Despite the
economic turbulence in recent months, 2008 will be a record year for
For more information
Mr. Tim WEEKES - +32 2 227 73 98 -
Mr. Geoffroy RASKIN - +32 2 227 71 47 -
Mr. Bart CROLS - +32 2 227 71 29 - +32 476
98 01 21 - firstname.lastname@example.org
Umicore is a materials technology group. Its activities are centred
on four business areas: Advanced Materials, Precious Metals Products
and Catalysts, Precious Metals Services and Zinc Specialties. Each
business area is divided into market-focused business units, be it in
products that are essential to everyday life or those at the cutting
edge of new technological developments.
Umicore focuses on application areas where it knows its expertise in
materials science, chemistry and metallurgy can make a real
difference. Umicore generates approximately 50% of its revenues and
spends approximately 80% of its R&D budget in the area of clean
technology, such as emission control catalysts, materials for
rechargeable batteries and photovoltaics, fuel cells, and recycling.
The Umicore Group has industrial operations on all continents and
serves a global customer base; it generated a turnover of
Â¤ 8.3 billion (Â¤ 1.9 billion excluding metal) in 2007 and currently
employs some 15,800 people.