Exor Press Release - Restart of Announced Share Buyback Program
Source: GlobeNewswireAmsterdam, 15 April 2024
EXOR N.V. ANNOUNCES THE RESTART
OF THE ANNOUNCED SHARE BUYBACK PROGRAM
Exor N.V. (the “Company”) announces today that it will restart the share buyback program announced on 13 September 2023 (the “Program”) for the remaining amount of up to € 250 million of ordinary shares to reduce Exor’s share capital in line with the announcement made on 13 September 2023.
The Company will start on 15 April 2024 with a first tranche of purchases up to €125 million, which is expected to complete by September 2024, or earlier if the maximum amount has been reached (the "First Tranche").
The First Tranche will be executed in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. It will be executed pursuant to a discretionary buyback agreement with a primary financial institution in compliance with the safe harbour provisions for share repurchases. As the First Tranche will be lead-managed by the financial institution within pre-defined execution parameters, transactions may be carried out during closed periods.
The purchases will be conducted under the authority granted to the Board by the Company’s general meeting of shareholders (“GM”) in its annual meeting held on 31 May 2023, valid until 31 November 2024 (inclusive), and, if adopted per that date, under the continued authority to be granted by the GM in its annual meeting to be held on 28 May 2024. The shares that are being repurchased will be cancelled subject to the relevant board and shareholder approvals.
The Company will provide weekly updates on the progress on its website in line with applicable regulations. The Company is not obliged to carry out the Program and it may be suspended, discontinued or modified at any time, for any reason, in accordance with applicable laws and regulations.
As of today, the Company holds 5,000,687 ordinary shares in treasury.
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