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Management Report
2012
56
3.3.4 SHARE BUYBACK PROGRAM
3.3.4.1 AUTHORIZATION IN PLACE AT THE TIME OF THIS REPORT
LEGAL FRAMEWORK
The Combined General Meeting of June 30, 2011 renewed the authorization previously granted to the
Board of Directors by the Combined General Meeting of July 2, 2010, allowing the Company to buy
back its own shares in accordance with Article L 225-209 et seq. of the French Commercial Code
(hereinafter “Buyback Program”).
BALANCE AS AT MARCH 31, 2012
Percentage of own shares held directly and indirectly
0.60%
Number of shares canceled over the previous 24 months
N/A
Number of shares in portfolio
Liquidity agreements
Stock option hedges
166,584
400,000
Portfolio carrying amount
2,491,244.35€
Portfolio market value (a)
3,092,415.47€
(a) Closing price at March 30, 2012: €5.458
BREAKDOWN OF OWN-SHARE PURCHASES AND SALES OVER THE YEAR
(Article L 225-211 of the French Commercial Code)
Number of shares held in the Company's name as of March 31, 2011
143,295
Number of shares acquired over the year
1,105,732
Average price on acquisition
5.16€
Number of shares sold over the year
682,443
Average price on sale
5.84€
Number of shares canceled over the year
N/A
Execution fees
N/A
Number of shares held in the Company's name as of March 31, 2012
566,584
Value of shares held in the Company's name as of 03/31/2012 (a)
2,491,244.35€
Par value of shares held in the Company's name as of 03/31/2012
43,910.26€
Number of shares used over the year
682,443
Reallocation taking place over the year
N/A
Percentage of capital held as treasury stock as of 03/31/2012
0.60%
(a) Measured at purchase price.
ALLOCATION OF TREASURY STOCK BY OBJECTIVE
Liquidity agreements
Stock option hedges
Number of treasury shares
166,584
400,000
3.3.4.2 LIQUIDITY AGREEMENTS
Since January 2, 2006, the Company has set Exane BNP PARIBAS the task of implementing a
liquidity agreement in line with the AMAFI code of ethics recognized by the French Financial Markets
Authority (AMF), hereinafter the “Agreement", with a one-year automatically renewable term. The
Company allocated €1.5 million for the implementation of this agreement over the last financial year.