Share buyback

On 13 September 2023 Exor’s Board approved a new share buyback program of €1 billion to be completed in the next 12 months (the “Program”).

The Program will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders (“AGM”) held on 31 May 2023.

As part of this Program, Exor will launch a reverse Dutch auction Tender Offer (“Tender Offer”) on 14 September 2023 for an aggregate consideration up to €750 million to Qualifying Shareholders (as defined in the Offer Memorandum). Exor plans to start the cancellation process of the purchased shares after the settlement of the Tender Offer.

Exor is planning to buy back the remaining amount after the Tender Offer through on-market purchases of Ordinary Shares on Euronext Amsterdam.

Further information related to the Tender Offer, including the Offer Memorandum, can be found in the list of documents below.

For updates on Exor’s stock price please access the following section: Link to Stock Info

On 8 March 2022 Exor announced a share buyback program involving the repurchase from time to time of up to €500 million of ordinary shares by 2024 (the “Program”).

The Program will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders (“AGM”) held on 27 May 2021 or the resolution adopted by the AGM in place at the time of the announcement of the execution of each tranche.

On 8 March 2022 Exor commenced the repurchase of up to €100 million of ordinary shares, as the first tranche of the Program, executed on Euronext Milan through a non-discretionary buyback agreement with a primary financial institution. On 20 June 2022, Exor announced the completion of the first tranche for a total invested amount of €100 million for a total amount of 1,524,103 ordinary shares purchased. The shares repurchased under the first tranche will be cancelled. The first tranche has been conducted in the framework of the resolution adopted by the AGM held on 27 May 2021.

On 29 July 2022 Exor announced its intention to continue with the execution of the Program with a second tranche of up to €250 million to be executed on Euronext Amsterdam and Euronext Milan. On 27 March 2023, Exor announced the completion of the second tranche for a total invested amount of €250 million for a total amount of 3,595,580 ordinary shares purchased. The shares repurchased under the second tranche may be used to meet the obligations arising from Exor’s new equity incentive plan 2022-2024. The second tranche has been conducted in the framework of the resolution adopted by the AGM held on 24 May 2022.

On 17 April 2023 Exor’s Board of Directors approved the continuation of the €500 million share buyback program announced in March 2022 with a third and final tranche for €150 million, to be executed on Euronext Amsterdam.

On 19 June 2023, Exor announced the completion of the third tranche for a total invested amount of €150 million for a total amount of 1,917,330 ordinary shares purchased. The third and last tranche has been conducted in the framework of the resolution adopted by the AGM held on 24 May 2022.

On 14 November 2018 Exor announced a share buyback program involving the repurchase from time to time of up to €300 million of ordinary shares, intended to optimize the Company’s capital structure.

Since the start of the program, Exor acquired 5,483,361 ordinary shares (2.28% of the issued share capital) for a total consideration of approximately €297 million. The share buyback program was completed on 6 November 2020.