SAO PAULO, Aug. 11, 2011 /PRNewswire/ -- Telesp - (Bovespa: TLPP3 [ON = Common Shares] / TLPP4 [PN = Preferred Shares]; NYSE: VIV), announces its Share Buyback Program.
The management of Telecomunicacoes de Sao Paulo S.A. – Telesp ("Telesp") announce, in accordance with article 2, XV of CVM Instructions Nr. 358/02 as amended, that on this date the members of the Company's Board of Directors approved, in accordance with article 17, item XV of Bylaws, the acquisition of Telesp shares by the Company to be held in treasury and subsequent disposal or cancellation, as pursuant in CVM Instruction Nr. 10/80 as amended, as follows:
(i) Program Objective: acquisition of preferred shares issued by the Company to be held in treasury and subsequent disposal and/or cancellation, without reduction in the capital stock, for the purpose of increasing shareholder value;
(ii) Resources: The repurchases will be effected through the use of part of existing capital reserve on June 30, 2011, except the reserves referred in Article 7 subsection (a) to (d) of CVM Instruction Nr. 10/80;(iii) Deadline: Beginning from the deliberation date of the Board of Directors, remaining in force until October 20, 2011, being the acquisitions realized in BM&FBOVESPA at market prices and as responsibility of the Board to decide the moment and quantity of shares to be acquired, whether in a single operation, whether in a series of operations, within legal limits; (iv) Quantity of Shares to be acquired: until a maximum of 2,700,000 (two million seven hundred thousand) preferred shares, which account for less than 10% of the outstanding shares on this date; (v) Quantity of Outstanding Shares: 263,204,985 preferred shares, without considering the shares held by controllers shareholders; and (vi) Intermediary Financial Institutions: the operation will be realized through the following broker: Bradesco Corretora S.A. CTVM, headquarter at Avenida Paulista, 1.450 / 7th floor – Sao Paulo/SP. Sao Paulo, August 11, 2011. Gilmar Roberto Pereira CamurraInvestors Relations' OfficerTelecomunicacoes de Sao Paulo S.A. – Telesp
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