Pursuant to the terms and for the purposes of the Regulation (EC) no. 2273/2003 of the Commission, of 22 December 2003, of the subparagraph 2, f) of no. 2 of article 249 of the Portuguese Securities Code (“Código dos Valores Mobiliários” or CVM) and of subparagraph a) of no. 1 of article 11 of the Portuguese Securities Market Commission Regulation no. 04/2004, Portugal Telecom informs that, under the terms of the share buyback programme approved at the General Meeting of Shareholders of 27 April 2007, it has acquired today 83,204,823 PT shares listed on the Eurolist by Euronext Lisbon, equivalent to 8.11% of PT’s share capital.
The abovementioned acquisition was executed over the counter, on the following terms:
- 38,720,695 PT shares at an average price of Euro 8.6156
- 44,484,128 PT shares at an average price of Euro 8.5045
These transactions resulted from the exercise of the physical settlement option included in the equity swap contracts established with Barclays Bank Plc and Credit Suisse International.
PT also informs that the own shares now acquired will be cancelled until the next General Meeting of Shareholders to be held on 28 March 2008, and PT’s share capital will be reduced accordingly. On such date PT will not hold own shares in treasury but only an equity swap over 20,640,000 shares, under the terms of a previous share buyback programme. As a result, the total number of shares to consider for purposes of determining voting rights will be 942,595,177, and the number of outstanding shares, adjusting for equity swaps on own shares is 921,955,177.
Following the share capital reduction, PT will comply with the resolution approved at the General Meeting of Shareholders of 27 April 2007 by having acquired and cancelled the equivalent to16.5% of its share capital at the time of such General Meeting. The total amount of the share buyback programme executed to date is 1,762 million Euros.
Contact:
Nuno Prego, Investor Relations Director
nuno.prego@telecom.pt
Portugal Telecom
Tel: +351 21 500 1701
Fax: +351 21 500 0800