Valora reduces its outstanding share capital by cancellation of the shares acquired during its buy-back programme.

Share cancellation reduces outstanding share capital
On April 29, 2009, the Ordinary General Meeting of Valora shareholders approved the Board’s proposal for Valora to reduce its outstanding share capital by cancelling the shares the firm had repurchased in the market. On July 9, 2009 the shares repurchased in the market through the share buy-back programme were cancelled. As a result, the nominal amount of Valora’s registered share capital is now CHF 2,800,000, comprising 2,800,000 shares with a nominal value of CHF 1 each.

Share repurchase programme successfully completed ahead of schedule
On April 29, 2008, the Ordinary General Meeting of Valora shareholders approved a share buyback programme covering a maximum of 500,000 registered shares. The programme was executed between July 1, 2008 and February 27, 2009, via a second trading line on SIX Swiss Exchange. The total cost of the programme, which was successfully completed ahead of schedule, amounted to CHF 99.945 million. The average price paid for the shares repurchased was CHF 199.89.