P.TELECOM : Management Transactions - BES
01/27/2012| 12:50pm US/Eastern
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Portugal Telecom, SGPS S.A. ("PT") hereby informs that it was
notified by Banco Espírito Santo, S.A. ("BES") of the
following transactions on PT shares, carried out by Avistar,
SGPS, S.A. ("Avistar"), a company wholly owned by BES:
-
Disposal, on 23 January 2012, of 3,000,000 shares, over the
counter, at a price of Euro 4.315 per share;
-
Disposal, on 23 January 2012, of 3,000,000 shares,
over the counter, at a price of Euro 4.15 per share;
-
Acquisition, on 24 January 2012, of 7,000,000 shares, over
the counter, at a price of Euro 4.04 per share;
-
Acquisition, on 25 January 2012, of 5,000,000 shares, over
the counter, at a price of Euro 4.00 per share.
Additionally, PT was informed that, on 24 January 2012,
Avistar entered into a total return swap in respect of
7,000,000 PT shares, with maturity on 7 February 2012 and on
25 January 2012, Avistar entered into one call option and one
put option, in respect of 5,000,000 PT shares, with maturity
on 8 February 2012. The value of these financial instruments
is determined in accordance with the market value of the
underlying asset.
PT was further informed that Avistar is a person closely
related to PT's Non Executive Director Amílcar de Morais
Pires, as he is also Chairman of the Board of Directors of
Avistar, and therefore this latter has the obligation to
notify PT of such transactions pursuant to paragraph 4, b) of
article 248-B of the Portuguese Securities Code.
According to information received from BES, after these
transactions the voting rights attached to 105,697,989 PT
shares, representing 11.79% of PT's share capital and
corresponding voting rights, were attributed to BES.
This announcement is pursuant to article 248-B of the
Portuguese Securities Code and article 14 of CMVM Regulation
no. 5/2008 and follows a communication received from Banco
Espírito Santo, S.A., a public company with registered office
at Avenida da Liberdade, 195, 1250-142 Lisbon, Portugal, with
a share capital of Euro 4,030,232,150.40, corporation number
500 852 367.
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