August 28, 2017
Altice announces share repurchase programme
Altice N.V. (Euronext: ATC, ATCB, "Altice") announces that a programme to repurchase shares with an aggregate market value equivalent to up to €1 billion will commence today and will end no later than August 31, 2018.
As part of this programme, Altice intends to purchase up to €1 billion of Altice common shares A and Altice common shares B on Euronext Amsterdam in the next twelve months, which it intends to cancel upon repurchase and/or hold in treasury. The share repurchase programme forms part of Altice's strategy to create superior, long-term value for all of its shareholders and reflects its:
- confidence in achieving its near- and medium-term operational and financial targets with all FY 2017 guidance reiterated;
- conviction in the value creation potential of the existing footprint in Europe and the US;
- focus on optimizing its cost of capital with a diversified and termed-out balance sheet without meaningful near-term maturities; and
- commitment to sufficiently liquid trading in its shares.
Going forward, Altice will continue to assess the use of excess cash for either significantly accretive M&A opportunities or further shareholder returns. An update on the targets for FY 2018 free cash flow and share repurchases will be given with the publication of Altice's FY 2017 results.
On 28 June 2017, the general meeting of shareholders authorised Altice to acquire shares in its own capital for a period of 18 months up to a maximum of 10% of the issued share capital at a price between the nominal value of the shares and 110% of the opening price at Euronext Amsterdam at the date of the acquisition. The share repurchase programme will be executed within the limitations of this authority granted by the general meeting of shareholders and of the authority granted at future general meetings of shareholders. The share repurchase programme may be suspended, modified or discontinued at any time.
The share repurchase programme will be conducted in accordance with the Market Abuse Regulation 596/2014 but will not be conducted within the safe harbour parameters prescribed by the Commission Delegated Regulation 2016/1052 for buyback programmes. The programme will be executed by an intermediary and will allow for share repurchases only during open periods. Transactions effected under the programme will be reported on quarterly as part of Altice's regular financial reporting.
Contacts
Chief Investor Relations Officer
Nick Brown: +41 79 720 1503 / nick.brown@altice.net
Chief Communications Officer
Arthur Dreyfuss: +41 79 946 4931 / arthur.dreyfuss@altice.net
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Attachments:http://www.globenewswire.com/NewsRoom/AttachmentNg/171770b6-cb9b-4949-b2a8-241dfa8dc810
