SORIN GROUP INITIATES SHARE BUY-BACK PROGRAM
Milan, May 11, 2011– Sorin Group, (Reuters Code: SORN.MI), a global leader in the treatment of cardiovascular diseases, announces the commencement of a share buy-back program, previously authorized by the Shareholders’ meeting of September 14, 2010.
The acquisition of Sorin treasury shares will be used in order to service the Group’s Stock Grant Plan, which includes the management of the Company, as well as the Chairman and Chief Executive Officer (the “Plan”).The share buy-back program also provides for the purchase of treasury shares to service future stock option plans and for the purpose of stabilizing Sorin’s share price, if necessary.
In accordance with the Shareholders’ meeting resolution, the program provides for the purchase, in one or more tranches, on a revolving basis, of up to 4,704,121 ordinary shares, or other number of shares up to 1% of the share capital,in the event that an increase or a reduction of the Company’s share capital is adopted.
The shares may be purchased at a price not higher or lower by 10% than the reference price recorded on the Stock Exchange in the trading session immediately prior to each purchase transaction.
The authorisation to acquire treasury shares has been established for a maximum period of 18 months from the resolution of the Shareholders’ meeting, thus ending on March 14, 2012.
The treasury shares buy-backs will be carried out in compliance with Regulations of Borsa Italiana S.p.A., pursuant to article 132 of Legislative Decree No. 58 of February 24th, 1998 and article 144-bis of Consob Regulation No. 11971 of May 14th, 1999.
Sorin has mandated Equita SIM S.p.A. to execute the buy-back program.
As of today, Sorin does not hold any treasury shares.
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About Sorin Group
Sorin Group (www.sorin.com) is a global medical device company and a leader in the treatment of cardiovascular diseases. The Company develops, manufactures, and markets medical technologies for cardiac surgery and for the treatment of cardiac rhythm disorders. With 3,700 employees worldwide, Sorin Group focuses on three major therapeutic areas that include: cardiopulmonary bypass (extracorporeal circulation and autotransfusion systems), cardiac rhythm management and heart valve repair and replacement. Every year, over one million patients are treated with Sorin Group devices in more than 80 countries.
For more information, please visit: www.sorin.com, or contact:
Director, Corporate Communications
Tel: +33 (0)1 46 01 33 78
Mobile: +33 (0)6 76 12 67 73
Tel: +39 02 69969716