Banca Monte dei Paschi di Siena Shareholders' Meeting: Approval of purchase of own shares for stock granting plan
Siena - Today the ordinary session of the Shareholders’ Meeting of Banca Monte dei Paschi di Siena SpA, chaired by Giuseppe Mussari, approved the FY2008 stock granting operation for all Banca MPS employees with open-ended, trainee, fixed term, introductory and professional apprenticeship employment contracts.
The level of achievement of the target set for net operating income as at 31 December 2008, weighted according to current contractual provisions (80% Banca MPS and 20% Montepaschi Group), is taken as the basis for calculation of the amount of the bonus to which the number of shares to be granted to employees shall be correlated.
This operation, which forms payment of part of the company bonus, will be executed via the offer, without consideration, for a total value of some € 32.6 million, of Banca MPS ordinary shares to be purchased on the market. The maximum number of ordinary shares to be purchased for a period of 18 months as of the Shareholders’ Meeting date is 30,000,000.
Banca Mps has entrusted Intermonte SIM S.p.A. with the purchase of the shares on the market, according to the conditions laid down by Commission Regulation (EC) No. 2273/2003 until completion of the share purchase plan.
Stock will be granted to the employees upon completion of the share purchase plan and will be subject to temporary lock-up for a three-year period after grant date. The number of shares to be granted shall be determined by considering, as a unit value of reference, the average price of the ordinary shares of Banca Mps recorded on the stock exchange in the last month, i.e. during the period starting from the date of grant to the same day of the previous calendar month.