Banca IFIS’s General Shareholders’ Meeting of 29 April 2010 renewed authorisation to buy back and sell treasury shares according to articles 2357 and ff. of the Italian Civil Code, as well as article 132 of Italian Legislative Decree 58/98, establishing a purchase price range of between 2 Euro and 20 Euro for a maximum amount of 20 million Euro. The Meeting also established that the duration of the authorisation is equal to 18 months from the date the resolution was passed.

At 31 December 2009, Banca IFIS held 1,961,478 treasury shares for a value of 14,413 thousand Euro (average carrying amount 7.35 Euro per share) and a nominal value of 1,961 thousand Euro.

During 2010 Banca IFIS made the following transactions on treasury shares:

  • it purchased, at an average price of 6.46 Euro, 2,080,211 treasury shares for a value of 13,447 thousand Euro and a nominal value of 2,080 thousand Euro;

  • it sold, at an average price of 5.20 Euro, 965,420 treasury shares for a value of 5,025 thousand Euro and a nominal value of 965 thousand Euro, realising losses of 1,275 thousand Euro which, in compliance with international accounting standards, were booked under equity reserves;

  • it distributed to shareholders, as part of the dividend on the profit for the year 2009, 1,061,084 treasury shares, at a value of 7.61 Euro, for a value of 8,073 thousand Euro, realising profits of 11 thousand Euro which, in compliance with international accounting standards, were booked under equity reserves;

  • on 1 July 2010, following the free share capital increase, Banca IFIS received 213,832 treasury shares which had a fair value of 1,101 thousand Euro. This value was taken in proportion from the treasury shares held at 30 June 2010.

The remaining balance at the end of the year totalled 2,229,017 treasury shares for a value of 13,498 thousand Euro and a nominal value of 2,229 thousand Euro.