ECONOCOM : Cancellation of 5.35% of outstanding shares - Accretive effect on earnings per share
The shareholders of Econocom, a European business-to-business digital service provider, who attended a General Meeting today, have decided to immediately cancel 6,014,892 treasury shares, i.e. 5.35% of the company's share capital. This cancellation has an accretive effect on earnings per share.
Econocom thus continues its shareholder return policy. For the record, in 2012 the Company cancelled almost 8% of its outstanding shares and distributed a dividend of €0.10 per share in 2013.
As a result of this transaction, Econocom's share capital consists of 106,517,314 shares.
Econocom retains 625,829 treasury shares for any future requests to convert its convertible bonds (which mature in June 2016) or to exercise stock options.
The preliminary full-year revenue release for 2013 will be published after the close of trading on 28 January 2013.
Econocom is a European provider of business-to-business digital services. In 2012, it posted consolidated revenue of €1.54 billion. The services provided by the group include consulting, distribution, technology management & financing, and a complete range of IT outsourcing services. On 22 November 2013, Econocom finalised the acquisition of the entire share capital of Osiatis, a major infrastructure service provider and related applications specialist. This transaction has resulted in the creation of a major new digital service company, with over 8,000 employees in 20 countries and total revenue of around €2 billion.
The Econocom Group share (BE0974266950 - ECONB) has been listed on the Euronext NYSE in Brussels since 1986 and is part of the BelMid index.
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