Buzzi SpA has announced the start of a share buyback programme pursuant to the authorisation passed at the 9 May shareholders’ meeting. Under such programme the company may repurchase up to a number of shares which, taking into consideration the ones held from time-to-time in treasury by the company and its subsidiaries, does not overall exceed the maximum amount of EUR200m.
The share buyback is aimed at giving the company an instrument for liquidity investment, as well as a so-called “securities portfolio” which may be useful as consideration in possible extraordinary transactions, like equity interest swaps or conversion of bonds of possible future issuance, or distribution, for a consideration or without consideration, to directors and employees of the company or its subsidiaries as well as for free assignment to the shareholders.
The share buyback programme will be accomplished within the terms resolved upon at the shareholders’ meeting held today and disclosed to the market by the press release issued on the same day, starting from 10 May 2024, and is expected to end by June 2025. It should be noted that the authorisation by the shareholders' meeting is valid for 18 months starting from 9 May 2024.
UBS has been entrusted with the execution of the buyback programme and will operate with full independence. In any case, the unit purchase price per share will range from a minimum per share no less than 10 per cent and to a maximum per share no more than 10 per cent compared to the reference price of the ordinary share recorded in the stock market session of the day before the completion of the purchase transaction.
As of 9 May, the company owns 7,494,316 treasury shares, corresponding to 3.891 per cent of the share capital.
