Accenture Board Authorizes Trust, Share Repurchases.Business Editors NEW YORK--(BUSINESS WIRE)--April 17, 2002 Accenture (NYSE NYSE See: New York Stock Exchange : ACN ACN Accenture (stock symbol) ACN Accenture ACN Australian Company Number ACN Automatic Collision Notification (US DOT) ACN Acetonitrile ACN Anglican Communion Network ) today announced that its board of directors has approved the creation of a share employee compensation trust, or "SECT," that will acquire Accenture shares to be used to fund equity-based compensation for future Accenture partners. The company currently anticipates that the trust will receive its funding from the exercise of any underwriters' over-allotment option, or "greenshoe," in connection with the pending offering of Accenture shares. The proceeds from the exercise of the option, if exercised in full, are currently estimated to be in excess of $300 million. Accenture will advance up to $300 million to the trust, which is expected to be repaid from the exercise of the option. Accenture said that the trust will be administered by an institutional fiduciary, which will conduct share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. as directed by Accenture from time to time based on market conditions and other factors. The fiduciary will have authorization to commence share repurchases immediately upon formation of the trust, which is expected shortly. These share repurchases will be in addition to Accenture's previously announced $250 million share repurchase program, under which the company has repurchased approximately $224 million worth of its shares of common stock since August 2001. About Accenture Accenture is the world's leading management consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects and technology services organization. Through its network of businesses approach -- in which the company enhances its consulting and outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. expertise through alliances, affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. and other capabilities -- Accenture delivers innovations that help clients across all industries quickly realize their visions. With more than 75,000 people in 47 countries, the company generated net revenues of $11.44 billion for the fiscal year ended August 31, 2001. Its home page is www.accenture.com. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , the accuracy of which is necessarily subject to risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied include general economic conditions and the factors discussed under the heading "Forward-Looking Statements and Certain Factors That May Affect Our Business" in the reports and other documents that we file with the Securities and Exchange Commission, including our most recent annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. filed with the Securities and Exchange Commission. |
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