EXOR N.V. (AMS: EXO) (“Exor”) today starts the process of the implementation of the Board resolution to cancel 7,007,464 ordinary shares or just under 3% of Exor's ordinary issued share capital.
These ordinary shares have been acquired as part of the share buyback program which started on 14 November 2018 and completed on 6 November 2020 (for a total of 5,483,361 ordinary shares) and the first tranche of the share buyback program which started on 8 March 2022 and completed on 20 June 2022 (for a total of 1,524,103 ordinary shares).
The cancellation of these ordinary shares, which is in line with the intention announced at the launch of the buyback program, will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders held on 24 May 2022.
Pursuant to the relevant statutory provisions and the articles of association of Exor, cancellation may not be effected earlier than two months after the resolution to cancel shares has been publicly announced and the capital reduction procedure has been completed. Cancellation is expected to be completed in the first half of 2023.
The cancellation is expected to bring the total number of ordinary shares in the share capital of Exor to 233,992,536.
