LCH.Clearnet completes share repurchase from Nyse Euronext
Nyse Euronext (NYSE Euronext: NYX) today announced that, as previously agreed by the parties, LCH.Clearnet Group Limited (LCH.Clearnet) has repurchased approximately 6.2 million LCH.Clearnet ordinary shares held by NYSE Euronext at a cost of €10 per share, the market value of the shares when issued in December 2003 in connection with the creation of LCH.Clearnet.
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Following the €399 million (then $548 million) redemption of redeemable convertible preference shares and ordinary shares on July 27, 2007, this second repurchase is the final payment due in a two-part repurchase program agreed by the parties in March 2007.
Total proceeds to NYSE Euronext from the repurchase equal €61.8 million ($95.7 million).
Following this repurchase, NYSE Euronext retains a 5% stake in LCH.Clearnet's outstanding share capital and the right to appoint one director to LCH.Clearnet's Board of Directors.