17 Jun 2011
Besi Announces Conversion of All Remaining 5.5% Convertible Notes due 2012 into Shares. Share Buyback Program Continues.
Duiven, the Netherlands, June 17, 2011 - BE Semiconductor Industries N.V. (the “Company" or "Besi") (NYSE Euronext: BESI; OTCQX: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced that all remaining holders of its 5.5% Notes due 2012 (the “Notes”) elected to exercise their conversion rights to receive Besi ordinary shares in exchange for Notes outstanding. The Notes were originally issued in a principal amount of € 46 million of which € 27.9 million principal amount was outstanding as of March 31, 2011. The Note redemption will result in the issuance of 5.6 million new Besi ordinary shares which brings the total number of shares outstanding currently to approximately 39.6 million (including shares issued in connection with Besi’s May 2011 dividend payment).
The Company also announced that it repurchased 132,583 of its ordinary shares during the period from Monday June 13, 2011 up to and including June 17, 2011 at a weighted average price of € 5.83 for a total purchase amount of € 773,531. Since June 6, 2011, Besi has purchased a total of 258,688 of its ordinary shares at a weighted average price of € 5.78 for a total purchase amount of € 1,495,708.
Richard W. Blickman, President and Chief Executive Officer of Besi commented: "We are pleased to announce the successful redemption of the Convertible Notes by which all remaining Noteholders elected to convert their Notes into Besi’s ordinary shares. As a result of the redemption, Besi’s financial position will improve significantly. As of March 31, 2011, as adjusted for the redemption, our net cash position will increase by € 27.4 million to € 47.0 million, total equity will increase to € 250.3 million and total debt outstanding will reduce to € 18.5 million. We are seeking to limit share dilution from the transaction via a stock repurchase program under which we have authorization to purchase up to approximately 3.4 million shares. As of June 17, 2011, Besi had purchased 258,688 shares under this program.”