Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Vedanta Resources (VED)

  Print      Mail a friend       Annual reports

Thursday 01 April, 2010

Vedanta Resources

Share Repurchase Programme

RNS Number : 6002J
Vedanta Resources PLC
01 April 2010

1 April 2010



Share Repurchase Programme


New Repurchase Structure

Ordinary shares may be purchased by Vedanta Resources plc ("Vedanta") or any of its affiliates from time to time in the open market at management's discretion, in compliance with applicable laws and subject to and within the limits of an outstanding authorisation granted to the Board by the authority of shareholders granted at the annual general meeting of Vedanta in July 2009. 


Accordingly, purchases may be made under the Buy-back Programme either by Vedanta or by an independent company to be funded by a wholly-owned overseas subsidiary of Vedanta (Vedanta Jersey Investment Limited ("VJIL")).  The independent company, Gorey Investments Limited ("Gorey"), is a Jersey-registered entity, the ordinary share capital of which is owned by a charitable trust, and a majority of Gorey's directors are independent of the Vedanta group. VJIL will, under the arrangements entered into with Gorey, make purchases of Vedanta shares on behalf of Gorey within the limits of the Buy-back Programme and at prices per share which will be no more than the higher of: (i) 5 per cent. above the average market value of the Vedanta shares for the 5 business days prior to the day of purchase; and (ii) the higher of the price of the last independent trade in and the highest current independent bid for such shares.  The purchase price will be funded by a subscription by VJIL for preference shares in Gorey, with payments made by VJIL sourced from other non-UK subsidiaries of Vedanta.  VJIL will have the right to nominate a transferee for the shares held by Gorey (and any such transfer, which may include Vedanta but not any of its subsidiaries, will be subject to any necessary regulatory or shareholder approvals). 


Out of the net profits of Gorey, principally from dividends received on the Vedanta shares held by it, the charitable trust shareholder in Gorey will be entitled to receive approximately 10 per cent of the amount remaining after payment of a 5 per cent fixed dividend to VJIL on preference shares subscribed by VJIL and Gorey's general administration expenses, the balance will be distributed to the Vedanta group by way of participating dividend on the preference shares of Gorey held by VJIL. Gorey has agreed that it will not exercise voting rights in respect of Vedanta shares held by it under the arrangement. 


Purchases of Vedanta shares by Gorey under these arrangements will be announced in keeping with existing regulations governing UK corporate share repurchases. 


The shares purchased by Gorey will be treated in the consolidated accounts of Vedanta as treasury shares, available for purchase by Vedanta itself (subject to shareholder approval and availability of sufficient distributable reserves), as consideration for future acquisitions or sale to third parties to raise additional capital if and when desirable.


Increase in Share Repurchase Programme from $500 million to $825 million

To date Vedanta has bought back 21.1 million ordinary shares for approximately $430 million representing 16.2 million ordinary shares out of the authority of shareholders granted in July 2008 and 4.9 million ordinary shares out of the authority of shareholders granted in July 2009. Today's announcement is in line with the authority of shareholders granted in July 2009.

Vedanta today announces that its Committee authorised by Board has approved to increase the Share Repurchase Programme by a further $325 million to a total of $825 million

Management believes the Buy-back Programme will enhance value for all Vedanta shareholders and be funded from the Group's substantial cash balances of over $7.5 billion.  The Group will remain well capitalised to fund its organic growth programme.


For further information, please contact:

Ashwin Bajaj

Vice President - Investor Relations

Vedanta Resources plc


[email protected]

Tel:  +91 22 6646 1531


Gordon Simpson





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 30,000 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


This information is provided by RNS
The company news service from the London Stock Exchange

a d v e r t i s e m e n t