Exor Press Release - Announcement Second Tranche Share Buyback Program
Source: GlobeNewswireAmsterdam, 12 August 2024
EXOR N.V. ANNOUNCES THE LAUNCH OF THE
SECOND TRANCHE OF THE SHARE BUYBACK PROGRAM
Exor N.V. (the “Company”) announces today its intention to continue 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 12 August 2024 the second tranche of purchases up to €125 million, which is expected to be completed by November 2024, or earlier if the maximum amount has been reached (the "Second Tranche"). The Second Tranche follows the First Tranche of purchases up to €125 million announced on 15 April 2024 and completed on 1 July 2024.
The Second 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 Second 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 30 November 2024 (inclusive), and, under the continued authority granted by the GM in its annual meeting 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 6,124,471 ordinary shares in treasury.
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