The Company has revised its share buy-back policy as mentioned below in accordance with Capital Markets Board’s “Share Buy-Back Communique” (“Communique”) published on the Official Gazette no: 28871 dated 03.01.2014. These policies may be revised and updated pursuant to the new regulations to be made by the Capital Markets Board.
Terms Of Share Buy Back Program
Term of the share buy-back program approved by the General Assembly is maximum 3 years in accordance with the Communique.
Share Buy Back Ratio
Total nominal value of the shares subject to buy back by the Company shall not exceed 10% of the Company’s paid-in capital, including previously bought back shares. Nominal value of shares which have been sold during share buy-back program cannot be included in the calculation as a deduction item. Above mentioned ratio may vary depending on amendment decisions to be adopted by Capital Markets Board.
The Company’s Board of Directors shall carry out the transaction upon General Assembly’s authorization. This authorization is granted with the approval of Board of Directors’ share buy-back program by the General Assembly. Meanwhile, Board of Directors may evaluate general conditions and terminate Share Buy Back program at any time within the duration of its authorization.
Turcas Petrol A.Ş.’s “Share Buy Back Policy”, which was previously approved by the Board Resolution 2012/24 dated 16.10.2012 and revised in accordance with Capital Markets Board’s “Share Buy-Back Communique” published on the Official Gazette no: 28871 dated 03.01.2014, has been accepted with immediate effect by the resolution of the Board of Directors dated 18.02.2014 and numbered 2014/03.
Note: Any procedure related to share buy-back process is performed in parallel with Capital Markets Board’s relevant regulations.