The Board of Ageas announces its intention to complete the share buy-back programme launched on 13 August 2012.
On 6 August 2012, Ageas announced a share buy-back programme for a maximum of EUR 200 million for the period starting on 13 August 2012 and ending on 19 February 2013 at the latest.
Today the Board of Ageas has decided, within the terms of the resolution of the Annual Shareholders Meetings dated 25 and 26 April 2012, to extend the programme until the full amount of EUR 200 million has been reached. Furthermore the Board will propose to the shareholders at the next Shareholders Meeting[1] the cancellation of all shares bought back up to and including 15 February 2013[2].
The overview relating to the share buy-back programme is available on:
http://www.ageas.com/en/Pageas/share_information.aspx.
Ageas is an international insurance group with a heritage spanning more than 180 years. Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market. These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world. Ageas operates successful partnerships in Belgium, UK, Luxembourg, Italy, Portugal, Turkey, China, Malaysia, India and Thailand and has subsidiaries in France, Hong Kong and UK. It is the market leader in Belgium for individual life and employee benefits, as well as a leading non-life player, through AG Insurance, and in the UK, it has a strong presence as the fourth largest player in private car insurance and the over 50's market. It employs more than 13,000 people and has annual inflows of more than EUR 17 billion.
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[1] Based on past experience, the first Extraordinary General Meeting of 28 March 2013 will not attain the required attendance quorum - i.e. that at least 50% of the capital must be represented - and thus this Meeting will not be able to decide validly. Only the second Extraordinary General Meeting of 24 April 2013 will be able to deliberate and decide.
[2] Since the start of the share buy-back programme on 13 August 2012 and until 15 February 2013, Ageas has bought back 9,165,454 shares for a total amount of EUR 187,743,518 (see press release of 18 February 2013).
