- Exor N.V. Announces Restart of Share Repurchase Initiative
Amsterdam, The Netherlands– On Monday, Exor N.V. declared the resumption of its share buyback program. Initially announced on 13 September 2023, its aims to repurchase up to €250 million worth of its ordinary shares. This strategic move is part of a plan to reduce the company’s share capital, enhancing shareholder value.
Details of the Buyback Program
The buyback will commence with a first tranche on 15 April 2024, involving purchases up to €125 million, scheduled to complete by September 2024 or sooner if the maximum amount is reached. This phase of the buyback will adhere to strict regulatory frameworks, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052, ensuring compliance with legal standards.
Execution and Management
The buyback, to be executed under a discretionary agreement with a leading financial institution, will be managed within pre-established parameters to ensure efficiency and compliance during closed periods. The financial institution will lead the execution of the First Tranche, guaranteeing adherence to the safe harbour provisions for share repurchases.
Governance and Regulatory Compliance
The authority for this buyback was granted by Exor’s general meeting of shareholders held on 31 May 2023, with an expiration on 31 November 2024. An additional authorization is expected to be sought at the upcoming annual meeting on 28 May 2024. All repurchased shares are to be cancelled following requisite board and shareholder approvals.
Transparency and Updates
Exor N.V. is committed to transparency throughout this process and will provide weekly updates on the buyback program’s progress via its official website. However, the company reserves the right to modify, suspend, or discontinue the program at any time, based on regulatory advice and market conditions.
Current Treasury Holdings
As part of the announcement, Exor N.V. has disclosed that it currently holds 5,000,687 ordinary shares in treasury, underscoring its ongoing commitment to shareholder returns and capital efficiency.
This strategic buyback is aligned with Exor’s broader financial management strategy, aiming to optimize capital allocation and reinforce shareholder trust through proactive financial governance.