EXOR N.V. (“the Company”) announces today that it will launch a share buyback program (“the Program”). The Company expects that the Program will involve the repurchase from time to time of up to €500mn of ordinary shares by 2024, in line with the disclosure made at the 2021 Investor Day.
The Company will commence the repurchase of up to €100mn, as the first tranche of the Program, to be executed on Euronext Milan through a non-discretionary buyback agreement with a primary financial institution: the primary financial institution will make its trading decisions independently of and uninfluenced by Exor. The shares that are being repurchased will be cancelled.
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. The shares will be repurchased at a price not higher than 10% above the reference price recorded on the day before each transaction is made.
The repurchases will be carried out in compliance with applicable rules and regulations, including the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Details of the transactions carried out will be disclosed to the market within the terms and conditions required by these 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 9,291,244 ordinary shares in treasury.