This €200 million first tranche will be executed by ABN AMRO Bank NV. TNT intends to cancel the ordinary shares acquired through the repurchase program.
Given the share buyback value of up to €200 million, the maximum number of ordinary shares to be repurchased under this program will be around 7.3 million, calculated on the basis of the last trade prior to this announcement. The share buyback will start on 12 November 2007 and will end after 4 months unless, amongst other conditions, prior to such date:
- The aggregate value of shares acquired by TNT since the start of this buyback reaches €200 million;
- Ten percent of the outstanding ordinary shares have been repurchased, including any shares already held by the company.
The maximum consideration to be paid per ordinary share under the repurchase program is the higher of the price of the last independent trade in TNT shares and the highest current independent bid price on the trading venues where the purchase is carried out. Furthermore, this price will not exceed the normal trade price plus ten percent. The normal trade price is the average closing price during the five trading days prior to the day of purchase. Not more than 25 percent of volume on any one day on which the purchase is carried out, or more than 25 percent of the average daily volume of the ordinary shares will be repurchased in any one day on the regulated market on which the purchase is carried out. The average daily volume figure is the average of the daily volume traded in the 20 trading days preceding the date of purchase. TNT's General Meeting of Shareholders has extended the authorization of the Board of Management to repurchase ordinary shares until 20 October 2008.
About TNT
TNT provides businesses and consumers worldwide with an extensive range of services for their mail and express delivery needs. Headquartered in the Netherlands, TNT offers efficient network infrastructures in Europe and Asia and is expanding operations worldwide to maximize its network performance. TNT serves more than 200 countries and employs around 159,000 people. Over 2006, TNT reported €10.1 billion in revenues and an operating income of €1,276 million. TNT is publicly listed on the stock exchange of Amsterdam. TNT recognizes its social responsibility, and has formed partnerships with the United Nations World Food Programme and the United Nations Environmental Programme to fight hunger and pollution in the world.
