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. 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 will be conducted in the framework of the resolution adopted by the AGM held on 24 May 2022.
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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.