2nd Dec 2008 07:00
2 December 2008
Vedanta Resources plc announces share buyback programme
Vedanta Resources Plc ("Vedanta" or the "Group") today announced a $250 million share buy-back programme to purchase up to 10% of the ordinary shares ("Ordinary Shares") in issue. Given the recent share price decline and current market conditions, the Board of Vedanta believes that such a buyback programme would be value enhancing for its shareholders. In addition, the Board will continue to seek opportunities to consolidate minorities within the Group, in line with its stated strategy. Vedanta's major shareholder, Volcan Investments Limited, will not participate in the buyback. Vedanta will only use a small part of its substantial cash balances of over $5.0 billion and the Group will remain well capitalised to fund its organic growth programme.
The Ordinary Shares may be purchased by Vedanta or any of its affiliates from time to time in the open market at management's discretion, in compliance with applicable laws and subject to and within the limits of an outstanding authorisation granted to the Board by the shareholders of Vedanta. The shares will be held in treasury for subsequent cancellation or sale. Any share purchases during close periods will be made according to irrevocable mandates issued prior to the periods concerned.
For further information, please contact:
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Sumanth Cidambi Director - Investor Relations Vedanta Resources plc |
Tel: +44 20 7659 4732 / +91 22 6646 1531 |
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Robin Walker Zoe Watt Finsbury |
Tel: +44 20 7251 3801 |
About Vedanta Resources plc
Vedanta Resources plc ("Vedanta") is a London listed FTSE 100 diversified metals and mining major. The group produces aluminium, copper, zinc, lead, iron ore and commercial energy. Vedanta has operations in India, Zambia and Australia and a strong organic growth pipeline of projects. With an empowered talent pool of 29,000 employees globally, Vedanta places strong emphasis on partnering with all its stakeholders based on the core values of entrepreneurship, excellence, trust, inclusiveness and growth. For more information visit www.vedantaresources.com
Disclaimer
This press release contains "forward-looking statements" - that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "should" or "will." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. For us, uncertainties arise from the behaviour of financial and metals markets including the London Metal Exchange, fluctuations in interest and or exchange rates and metal prices; from future integration of acquired businesses; and from numerous other matters of national, regional and global scale, including those of a political, economic, business, competitive or regulatory nature. These uncertainties may cause our actual future results to be materially different that those expressed in our forward-looking statements. We do not undertake to update our forward-looking statements.
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