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Benetton's shareholders' meeting approves financial statement
May '11
The Benetton Group Shareholders' meeting, chaired by Luciano Benetton, approved the 2010 financial statements and the payment to Shareholders of a dividend totalling 43 million euro, equivalent to 0.25 euro per share (0.23 euro per share in the previous year).

The shareholders' meeting also appointed the Board of Statutory Auditors for the three year period 2011-2013: Angelo Casò, Chairman, Antonio Cortellazzo and Filippo Duodo, permanent auditors, Marco Leotta and Piermauro Carabellese, alternate auditors. All the statutory auditors appointed were selected from the only list lodged within the legal time limits, as submitted by the majority shareholder Edizione S.R.L.

The Shareholders' Meeting then authorised the Board of Directors to purchase and sell company shares. Although the programme to purchase treasury shares has been suspended since February 2009, the Board of Directors requested renewal of the authorisation with the objective of continuing to cover any necessary share operations, for an adequate time period, on the terms and conditions illustrated below.

Authorization was granted for the purchase of a maximum number of shares which, together with shares already held, does not exceed the limit of 10% of share capital, and for a period of 18 months. The minimum purchase price is envisaged as not being 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 being not less than 90% of the reference price recorded by the share in the Stock Exchange session prior to each individual transaction.

Renewal of this authorization continues to enable the Company to acquire a portfolio of treasury shares, which may also be used to serve any share incentive schemes. The authorization also gives the Company the power to act on its own shares for the purposes and in the ways allowed by current legislative provisions, also taking advantage of any strategic investment opportunities.

The purchases will be made in markets regulated, organized and managed by Borsa Italiana S.p.A. and in accordance with its procedures.

The Company currently holds 10,345,910 treasury shares, corresponding to 5.663% of share capital.

The Board of Direcapital convening after the Shareholders' Meeting, among other items, identified, in compliance with the provisions of the Company's “Internal Dealing Regulations”, the “Relevant Persons” and the blackout periods during which those Persons must refrain from carrying out any operations in Benetton shares, as being 15 and 30 days respectively prior to approval of the quarterly reports or of the half year report and the draft annual financial statements.

Benetton Group

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