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NEWSLETTER 2011
112
General Provisions of the Resolution
Summary of the provisions of the Resolution which have not been
amended:
(i) Repurchase transactions can be effectuated by the board of
directors within the framework of repurchase programme which
is approved by the general assembly and within the limits of the
authority granted for 18 months at the most.
(ii) The shares to be repurchased shall be able to be traded in the ISE
and the transactions shall be effectuated in the ISE.
(iii) Repurchase order cannot be issued within last 15 minutes of
opening session and first session; and first and last 15 minutes of
the second session. The price order may not be higher than the
present price proposals or the last sale price. The total amount of
shares which will be repurchased in one day by the companies
may not be more than 25% of the average of the daily transaction
amount within last three months. These rules shall be applied
additionally to the rules stipulated by the ISE.
(iv) Holding period for repurchased shares and unpaid shares
acquired within the framework of abovementioned shares may be
freely determined by the company provided however such period
cannot exceed 3 years. The shares which are not disposed within
this period shall be redeemed by way of capital decrease.
(v) The repurchased shares shall be added to the balance sheet as a
figure for deduction within the framework of Turkish Accounting
Standards no. 32 and necessary explanations shall be added in
the footnotes of the financial statement. The revenues and losses
resulting from disposal of the abovementioned shares cannot be
related to the income statement.
(vi) Regarding repurchase transactions;
• Board of directors of the companies shall draft a repurchase
programme including the purpose of the repurchase, the
resources and total amount of the fund reserved for repurchase,
maximum number of share to be repurchased, maximum and
minimumprices, authorisedpersons for repurchases (including