Transaction in Own Shares • Sep 25, 2015
Transaction in Own Shares
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Duiven, the Netherlands, September 25, 2015 - BE Semiconductor Industries N.V. (the "Company" or "Besi") (Euronext Amsterdam: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced the initiation of a program to repurchase up to a maximum of 1.0 million of its ordinary shares from time to time on the open market. At present, Besi has authority until October 30, 2016 to purchase up to 10% of its shares outstanding (approximately 3.8 million shares).
Based on current market prices, Besi believes that it is in the best interest of the Company and its stakeholders to acquire its shares in the open market to enhance shareholder value including a reduction of dilution resulting from share issuance pursuant to employee stock plans.
The repurchase program will be implemented in accordance with industry best practices and in compliance with European buyback rules and regulations and may be suspended or discontinued at any time. The Company has engaged an independent broker for the program and all purchases will be executed through Euronext Amsterdam. The timing and amount of any shares repurchased under this program will be determined by the independent broker independently of, and without influence by, the Company. The maximum price to be paid per share under the program will not exceed the higher of the last independent trade price of the shares and the highest current independent bid price of the shares on Euronext Amsterdam. Furthermore, such price will not exceed 110% of the average of the highest quoted price for the shares on the five trading days prior to the date of purchase, as published in the Daily Official List of Euronext Amsterdam. Any repurchased shares will be available in the future for use in connection with its stock plans and for other general corporate purposes, including acquisitions.
The repurchase program will be funded using the Company's available cash resources. As of June 30, 2015, Besi had cash and cash equivalents of € 113.7 million and net cash of € 91.4 million. The maximum number of shares subject to this share repurchase program represents approximately 3% of Besi's 38.1 million shares outstanding at June 30, 2015 (net of treasury shares).
Besi is a leading supplier of semiconductor assembly equipment for the global semiconductor and electronics industries offering high levels of accuracy, productivity and reliability at a low cost of ownership. The Company develops leading edge assembly processes and equipment for leadframe, substrate and wafer level packaging applications in a wide range of end-user markets including electronics, mobile internet, computer, automotive, industrial, LED and solar energy. Customers are primarily leading semiconductor manufacturers, assembly subcontractors and electronics and industrial companies. Besi's ordinary shares are listed on Euronext Amsterdam (symbol: BESI) and OTCQX International (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.
Richard W. Blickman, President & CEO Citigate First Financial Cor te Hennepe, SVP Finance Uneke Dekkers/Frank Jansen Tel. (31) 26 319 4500 Tel. (31) 20 575 4021/24 [email protected] [email protected]
This press release contains statements about management's future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, backlog, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as "anticipate", "estimate", "expect", "can", "intend", "believes", "may", "plan", "predict", "project", "forecast", "will", "would", and similar expressions are intended to identify forward looking statements, although not all forward looking statements contain these identifying words. The financial guidance set forth under the heading "Outlook" constitutes forward looking statements. While these forward looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward looking statements, including the discovery of weaknesses in our internal controls and procedures; our inability to maintain continued demand for our products; the impact on our business of potential disruptions to European economies from euro zone sovereign credit issues; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; failure to adequately decrease costs and expenses as revenues decline, loss of significant customers, lengthening of the sales cycle, incurring additional restructuring charges in the future, acts of terrorism and violence; inability to forecast demand and inventory levels for our products, the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; those additional risk factors set forth in Besi's annual report for the year ended December 31, 2014 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements whether as a result of new information, future events or otherwise.
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