LensCrafters 2010 Annual Report Download - page 80
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ANNUAL REPORT 2010> 78 |
Pursuant to article 12 of the Company’s by–laws, the stockholders for whom the Company has received notice from the
relevant intermediaries pursuant to the centralized management system of the financial instruments, in accordance with
the law and regulations in force at that time, are entitled to participate and vote in the meeting.
Each share carries the right to one vote.
Pursuant to article 14 of the Company’s by–laws, the validity of the composition of the meetings of shareholders and of
the related resolutions shall be determined in accordance with the provisions of the law.
The Board of Directors has not been granted a proxy to increase the share capital pursuant to article 2443 of the Italian
Civil Code.
The shareholders’ meeting of May 13, 2008 authorized the purchase and subsequent transfer – the latter with no time
limits – of 18,500,000 ordinary Company shares for a period of 18 months from such date. By virtue of this authorization,
which expired on November 13, 2009, the Company purchased a total of 1,325,916 shares at an average price of
Euro 17.13 per share, for a total aggregate of Euro 22,714,251.
The shareholders’ meeting of October 29, 2009 authorized the purchase and subsequent transfer – the latter with no
time limits – of 18,500,000 ordinary Company shares until approval of the balance sheet as at December 31, 2010, or if on
an earlier date, until the expiry of 18 months from the passing of the resolution. By virtue of this authorization, through
February 28, 2011 the Company purchased 5,174,084 shares at an average price of Euro 19.37 per share, for a total
aggregate of Euro 100,225,536.
Concurrently with the purchases made on the MTA by Luxottica Group S.p.A. pursuant to the aforementioned buyback
programs, the U.S. subsidiary Arnette Optic Illusions, Inc. disposed on the MTA of all of the 6,434,786 Luxottica Group
shares originally in its portfolio.
In total, on the date of approval of this report, the Company holds 6,500,000 treasury shares.
Please note that the information concerning the characteristics of the risk management and internal control system are
listed below in Section II, which describes the Risk Management and Internal Control System.