RNS Number : 9067U
Vedanta Resources PLC
01 July 2009
1 July 2009
Increase in Share Repurchase Programme Size from $250 million to $350 million and Close Period Share Repurchases
On 2 December 2008, Vedanta Resources plc ('Vedanta') announced a share repurchase programme of $250 million to purchase up to 10% of the Ordinary Shares in issue. Since the commencement of this programme Vedanta has purchased 16,210,700 shares, representing 5.62% of the Ordinary Shares at a total cost of $226.9 million. Vedanta today announces that its Board has approved an increase in the total programme size to $350 million.
In addition, Vedanta today announced that it will commence an irrevocable, non-discretionary programme to purchase Vedanta Ordinary Shares on its own behalf, to be held in Treasury, during its close period which commences on 1 July 2009 and ends on 31 July 2009.
Any purchases of shares pursuant to the irrevocable programme will be effected within certain pre-set parameters, and in accordance with both Vedanta's general authority to repurchase shares and Chapter 12 of the Listing Rules, which requires that the maximum price paid will not exceed 5% above the average market value of Vedanta's Ordinary Shares for the five dealing days preceding the date of purchase.
For further information, please contact:
Director - Investor Relations
Vedanta Resources plc
Tel: +44 20 7659 4732 / +91 22 6646 1531
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
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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