13 March 2012

GT completes $75m accelerated share repurchase program

GT Advanced Technologies Inc of Merrimack, NH, USA (a provider of polysilicon production technology as well as sapphire and silicon crystalline growth systems and materials for the solar, LED and other specialty markets) has completed its accelerated share repurchase (ASR) program of $75m of its common stock.

On 18 November, GT entered into an agreement with UBS AG, London Branch to effect an accelerated repurchase of $75m of its common stock, as part of its $100m share repurchase authorization announced on 16 November.

GT paid $75m to UBS and received 7,822,686 shares of its common stock on 23 November. UBS delivered an additional 900,000 shares on 5 March followed by another 715,593 shares on 8 March, bringing the total number received under the ASR to 9,438,279. The effective per-share repurchase price was $7.95, based on the volume-weighted average share price of GT’s common stock, minus a discount, during the ASR period.

All of the shares involved in the ASR were cancelled and retired upon receipt by GT. As of 9 March, and subsequent to each of the foregoing transfers, GT had about 118.3 million shares outstanding. The firm now expects that the fully diluted share count for fiscal fourth quarter 2012 (to end-March) will be about 121 million and the fully diluted share count for full-year fiscal 2012 will be about 126 million.

Tags: GT Advanced Technologies Sapphire crystallization furnaces

Visit: www.gtat.com



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