EXOR N.V. (AMS: EXO) (“Exor) starts today the process of the implementation of the Board resolution to cancel 13,008,289 ordinary shares or 5.6% of Exor's ordinary issued share capital.
These ordinary shares have been acquired as part of the Tender Offer completed on 12 October 2023 (for a total of 8,873,452 ordinary shares) and the share buyback program announced in 2022 (for a total of 4,134,837 ordinary shares).
The cancellation of these ordinary shares, which is in line with the intention announced at the launch of the €1bn new share buyback program, will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders held on 31 May 2023.
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 2024.
The cancellation is expected to bring the total number of ordinary shares in the share capital of Exor to 220,984,247.