EXOR N.V. announces a share buyback programNovember 14, 2018
EXOR N.V. (”the Company”) announces today that its Board of Directors has approved a share buyback program (“the Program”). The Program will involve the repurchase from time to time of up to €300 million of ordinary shares and is intended to optimize the Company’s capital structure. This amount represents approximately 50% of the extraordinary dividend that is expected to be paid by Fiat Chrysler Automobiles N.V. (“FCA”) to the Company following the disposal of Magneti Marelli.
The Program will be conducted in the framework of the resolution adopted by the Annual General Meeting of Shareholders (“AGM”) held on May 29, 2018, which authorized the repurchase of up to a maximum amount of €500 million of ordinary shares during the 18 month period following the date of the AGM and up to a maximum number of shares not to exceed the limits set by law. The repurchase price per share, excluding expenses, will not exceed by more than 10% the official reference price recorded on the Italian Stock Exchange (MTA) on the day before each transaction is made.
The Program will expire on November 29, 2019, or until such authority is extended or renewed before such date.
Decisions regarding the actual transactions including but not limited to the timing, number and value of ordinary shares repurchased, will be at the sole discretion of the Company. The Company is not obliged to carry out the Program and, if implemented, the Program may be suspended, discontinued or modified at any time, for any reason and without previous notice, in accordance with applicable laws and regulations.
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 the current and applicable regulations.
As of today, the Company holds 5,478,383 ordinary shares in treasury.