PSB INDUSTRIES (EPA:PSB) - Descriptif du programme de rachat d'actions

Transparency directive : regulatory news

31/05/2011 16:58

PSB INDUSTRIES
                 A corporation with capital of EUR7,350,000
         Registered office: Les Pléiades no. 21, Park Nord, La Bouvarde
                         74370 METZ-TESSY - FRANCE
             Local business registry: 325 520 013 RCS Annecy
                                   (55 B 1)
                                      ___

Outline of the stock buy-back program approved by the Regular and Extraordinary
Shareholders' Meeting of May 26, 2011 and drawn up pursuant to the provisions of
Article 241-2 of the General Regulations of the French Financial Market
Authority

Pursuant to the provisions of Article 241-2 of the General Regulations of the
French Financial Market Authority, the purpose of this notice is to outline the
goals and means of the Company's program to buy back its own stock as authorized
by the Shareholders Meeting of May 26, 2011.

This document is made available to stockholders on the Company's website
(www.psbindus.com) as well as on the website of les Echos (www.
lesechos-comfi.fr).

I - PURPOSE OF THE STOCK BUY-BACK PROGRAM

PSB INDUSTRIES intends to undertake a stock buy-back program with the following
objectives, in decreasing order of priority:

- To stimulate trading in Company shares through an investment services provider
under a liquidity contract in accordance with the AMAFI (before: AFEI -French
Association of Investment Firms)statement of professional ethics that w as
approved by the French Financial Market Authority;

- To purchase shares in order to hold them for later use in exchange or in
payment as part of an external growth strategy.

II - FRACTION OF EQUITY AND BREAKDOWN OF SHARES HELD BY THE COMPANY AS ATMAY 27,
2011 FOR THE PURPOSES OF THE BUY-BACK PROGRAM

The issuer directly or indirectly holds 41,273 shares as at May 27, 2011,
representing 1.12% of the Company's equity capital, entirely due to trading
under the liquidity contract.

III - MAXIMUM FRACTION OF EQUITY, MAXIMUM NUMBER OF SHARES AND MAXIMUM EURO
AMOUNT AUTHORIZED FOR THE BUY-BACK OF SHARES WHICH THE COMPANY PLANS TO
ACQUIRE

The maximum number of shares acquirable under the program may not exceed 10% of
equity capital, that is, 367,500 shares.

The maximum purchase price is set at EUR50 per share and the minimum resale
price must not be less than EUR20per share.

Consequently, if PSB INDUSTRIES were to make use of the entire authorization,
the maximum amount that it would be liable to pay out, assuming purchases are
made at the maximum price authorized by the stockholders, would be
EUR18,375,000.

IV - TYPE OF SHARES THAT THE COMPANY PLANS TO ACQUIRE

The Company's common stock listed on the Paris Exchange, under ISIN Code
FR0000060329

V - METHODS OF BUYING BACK THE SHARES THAT THE COMPANY PLANS TO ACQUIRE

The shares may be bought back through an investment services provider under a
liquidity contract.

VI - DURATION OF PROGRAM

The authorization for the Company to buy back its own shares runs through
November 26, 2012.

TABLE SUMMARIZING TRANSACTIONS DURING THE PREVIOUS BUY-BACK PROGRAM

The issuer's declared transactions in its own shares from May 28, 2009 to May
25, 2010 (1)

Percentage of equity that was directly or indirectly treasury stock as
of May 25, 2010                                                          1.24%
Number of shares canceled over the past 24 months                          0
Number of shares in portfolio on May 25, 2010                           45,523
Book value of the portfolio on May 25, 2010                         EUR785,526
Portfolio market value calculated on the May 25, 2010             EUR1,092,552

(1)The reference period extends from the date on which the previous program was
established through to May 25, 2010
(2)i.e., the 24 months preceding May 25, 2010
(3) based on a closing price of EUR24.00 at May 25, 2010

                   YTD gross flows  (1)  Open positions as of the publication of
                                                 the program prospectus
                   bought    Sold or       Open long           Open short
                           transferred     positions           positions
                                         Calls   forward    Calls    forward
                                         bought    buys      sold     sales
Number of shares  38,395      62,180       NA       NA        NA       NA
Longest
maturity (2)        NA          NA
Average trade
price (3)          17.78       18.02
Average exercise
price (4)           NA          NA
Value (in euros) 682,512   1,120,228

(1)For the period running from the day after the previous buy-back program was
implemented (May 28, 2009) till May 25, 2010
(2)The time remaining until the date of public ation of the program outline
(3)Relative to spot trading
(4) Under "Volume traded", average strike price of options exercised or average
price of expired contracts

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