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Shareholding Structure

Following a number of mergers by incorporation, the share capital reached 1,115,013,754 ordinary shares and remained stable in 2010. These mergers resulted in Heras shareholding structure being unique in the Italian sector, with a shareholding spread among more than 187 public institutional shareholders from the reference area that hold a total stake of 62% (51% of which is bound by a shareholder agreement since inception). There are also over 400 Italian and foreign professional investors and over 21,000 private shareholders.

 
Share capital

Since 2006, Hera has adopted a plan to buy back treasury shares up to a maximum of 15 million shares for a total of Euro 60 million. The purpose is to finance a possible opportunity to integrate small companies and to normalize any abnormal fluctuations in the list price compared to domestic comparables. The Shareholders Meeting of 28 April 2010 renewed the treasury share purchase plan for another 18 months, up to a total amount of Euro 60 million. Hera held around 6 million treasury shares in its portfolio as at 31 December 2009.