Press Releases and Statements
The Benetton Group shareholders’ meeting approves the 2007 financial statements
Ponzano, 24 April 2008 – The Benetton Group shareholders’ meeting, chaired by Luciano Benetton, approved the 2007 financial statements and the payment to Shareholders of a dividend totalling 73 million euro*, equivalent to 0.40 euro per share (0.37 euro per share in 2006), confirming a pay-out ratio equivalent to 50% of consolidated net income.
Following expiry of the mandate of the Board of Statutory Auditors, the Shareholders’ Meeting appointed the new Board of Statutory Auditors for the three-year period 2008-2010, composed as follows:
Angelo Casò, Chairman,
Antonio Cortellazzo, Auditor,
Filippo Duodo, Auditor,
Marco Leotta, Alternate Auditor,
Piermauro Carabellese, Alternate Auditor.
The Statutory Auditors were taken from the only list presented within the term provided by the law, and proposed by the majority shareholder Edizione Holding S.p.A.
Curricula of the Statutory Auditors are available on the Company’s websitewww.benettongroup.com/investors
The Shareholders’ Meeting also authorised the purchase and sale of treasury shares up to a maximum of 18,000,000 ordinary shares and, in any case, within the limit of 10% of the share capital. The authorisation was given for a period of 18 months commencing 6 May 2008. The minimum purchase price is envisaged as not less than 30% under, and the maximum price not more than 20% over, the reference price recorded by the share in the stock exchange session preceding each individual transaction; the selling price is envisaged as not less than 90% of the reference price recorded by the share in the stock exchange session prior to each individual transaction.
The authorisation gives the Company the power, which it can exercise at a suitable time, to acquire a portfolio of treasury shares which may also be used to service any share incentive plans. This authorisation also ensures that the Company has the power to take advantage of any strategic investment opportunities, as permitted by current legislation, and always with the objective of yielding value to shareholders.
Purchases will be made on one or more occasions according to provisions of articles 132 of Legislative Decree 58/1998 and 144 bis of CONSOB regulation no. 11971 of 14 May 1999 and, in any case, in any other way permitted by law and regulations, including those of the E.U., on the subject.
The Company does not currently hold any treasury shares.
The Benetton Group Board of Directors, meeting after the shareholders’ meeting, determined, in accordance with provisions of the Company’s “Internal Dealing Regulations”, the blackout periods with durations of 15 or 30 days before approval respectively of quarterly or half-yearly and annual reports, during which the relevant persons, as defined in the said Regulations, must refrain from carrying out transactions in Benetton shares.
The Board also adopted a new Organizational and Operational Model pursuant to Legislative Decree no. 231/2001, revised in structure and in relation to offences it is designed to prevent.
* The coupon detachment date for the dividend will be May 5, 2008 for ordinary shares listed on the MIDEX and for ADSs.
The right to receive the dividend will apply to holders of shares on May 2, 2008 (the last day for payment of shares with coupon) and to holders of ADSs on May 7, 2008. To be a holder of ADS on May 7 and therefore to have the right to receive the dividend, the ADSs must be purchased by and no later than May 2, 2008.
The Benetton Group will pay the dividend in euro, through Monte Titoli S.p.A., authorised broker, on May 8, 2008, to all custodian banks for ordinary shares.
For holders of ADS, the dividend will be paid to Deutsche Bank Trust Company Americas, as depositary of ordinary shares against which the ADSs were issued, through BNP Paribas Securities Services, in its capacity as Italian sub-depositary. Deutsche Bank will pay the dividend on the ADS in United States dollars on May 15, 2008, at the euro/US$ exchange rate in effect on or around May 8, 2008.
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