PRESS RELEASE B&C Speakers S.p.A. Annual general meeting
- Financial statements at and for the year ended 31 December 2013, which closed with a profit of 4,758 thousand euro, approved;
- Compensation Report approved;
- New authorization for the purchase and disposal of treasury shares.
Bagno a Ripoli (FI), 18 April 2014 - The annual general meeting of B&C Speakers S.p.A, one of the foremost international players in the design, manufacture, distribution and marketing of professional electro-acoustic transducers, met today, chaired by Lorenzo Coppini, and approved the following orders of business on the agenda:
- Financial statements at and for the year ended 31 December 2013
The annual general meeting approved the financial statements at and for the year ended 31
December 2013, as drawn up by the Board of Directors on 13 March 2014, the main financial performance and financial position figures from which had already been disclosed to the market on the same date. In further detail, the 2013 financial statements closed with revenue of 31,787 thousand euro, up by approximately 7.3% compared to the previous year, and a profit of 4,757,673 euro.
As proposed by the Board, the general meeting resolved to distribute a dividend of 0.32 euro per each ordinary share in issue, and thus excluding treasury shares held at the ex-dividend date, 28 April 2014. The general meeting also reviewed the Group's consolidated financial statements at and for the year ended 31 December 2013, which closed with a profit for the year of 4.7 million euro.
- Compensation Report approved
The annual general meeting also voted in favour of section 1 of the Compensation Report prepared by the Board of Directors pursuant to Art. 123-ter of Legislative Decree No. 58/1998 and the associated implementing provisions issued by Consob.
- New authorization for the purchase and disposal of treasury shares
The general meeting also approved a new buy-back plan that authorizes the Board of Directors to undertake purchases and disposals, on one or more occasions, of a maximum number of ordinary shares representing no more than 10% of the Company's share capital (there are 19.728 ordinary shares in portfolio as at today's date) in accordance with the law.
The plan allows purchases to be made on regulated markets, according to the operating conditions established in the regulations governing the organization and management of the markets concerned, for prices of no less than 20% below and no more than 20% above the quoted price of the shares during the exchange session on the day prior to each individual transaction.
The request for authorization of the purchase and disposal of treasury shares is justified by business-related reasons and the imminent expiration of the previous authorization. In further detail, the buy-back plan is aimed at allowing the Company to purchase treasury shares to be used for the purposes of investment and stabilization of the stock's performance and liquidity on the equity market, as well as within the framework of transactions undertaken in the normal course of business or projects consistent with the strategic guidelines that the Company intends to pursue. The authorization to purchase treasury shares is valid from the date of issuance of authorization by the general meeting until the date of approval of the financial statements at and for the year ended 31 December 2014.
The Board of Directors is also authorized to make disposition of the treasury shares
purchased, without any time limits, as it sees fit, provided that (i) consideration for transfer of the right of ownership and all other real and/or personal rights is not 5% less than the market value of the right transferred on the day prior to each individual transfer and (ii) the acts of disposition undertaken, in the context of industrial projects or extraordinary finance transactions, in the form of exchanges, swaps, contributions or other arrangements that imply the transfer of the treasury shares, take place at the price or value deemed fair and consistent with the transaction, while also considering market performance.
The manager in charge of the preparation of the accounting documents of B&C Speakers S.p.A., Francesco Spapperi, hereby certifies, pursuant to Art. 154-bis (2) of Italian Legislative Decree No. 58/1998, that the accounting disclosures relating to the figures at and for the year ended 31 December 2013, as presented in this press release, are consistent with company's accounting documents, books and records.

B&C Speakers S.p.A.

B&C Speakers S.p.A. is an international leader in the design, production, distribution and commercialisation of professional electro-acoustic transducers (the main components in acoustic speakers for music, commonly referred to as loudspeakers), supplied mainly to professional audio system manufacturers (OEM). Counting roughly 100 employees, with approximately 10% of staff assigned to its Research and Development Department, B&C Speakers carries out all design, production, commercialisation and control activities at its facility in Florence, Italy. Most of its products are developed according to its key customers' specifications. B&C Speakers also operates in the US and Brazil through two subsidiaries carrying out commercial activities.
B&C Speakers S.p.A.
Simone Pratesi (Investor Relator), Tel: Email: spratesi@bcspeakers.com
Media relations:
Spriano Communication
Lorenza Spriano and Matteo Russo
Tel. +39 02 83424010
Mob. +39 347/9834881 lspriano@sprianocommunication.com mrusso@sprianocommunication.com
@SprianoComm

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