ICA has been listed since April 9, 1992 on the Mexican Stock Exchange (BMV) and the New York Stock Exchange (NYSE). ICA is a component stock of the Mexican Stock Exchange's benchmark IPC index.
Equity interests may be held in the form of shares, Ordinary Participation Certificates (CPOs), or American Depositary Shares (ADSs). As of September 30, 2012 ICA has a broad shareholder base, with 88% free float. The 42.7% of outstanding shares were held in the form of CPOs, which have limited voting rights.
The 8% of our outstanding shares were represented by ADSs representing four of our shares each. As of September 30, 2012, the company has 607,357,582 outstanding shares.
In accordance with Article 63 of the Circular for Issuers, ICA entered into one-year forward contracts to acquire 22,280,100 shares of the Company, in a series of nonconsecutive transactions between May 22 and August 21, 2012, at a weighted average strike price of Ps. 24.99 per share, equivalent to Ps. 556.8 million. The total amount of shares represented 3.67% of shares outstanding.
If market conditions are favorable, the forward contracts will be exercised with a charge to the share repurchase reserve approved by the Shareholders' Meeting, in accordance with the Policy for the Acquisition and Disposition of Own Shares approved by the Board of Directors. The value of the exercising will be calculated by multiplying at maturity the numbers of shares in each contract and strike price.
In the event of not exercising the instruments, the price for settling the contracts will be the difference between the strike price and the price of ICA's shares in the market. As of September 30, 2012, the fair value for not exercising the contracts was the equivalent to a loss of Ps. 31 million in financial derivative effects.