Ercros SA: The Board of Directors of Ercros approves the 7th share buyback program
Barcelona, June 10, 2022. – The sixth share buyback program expires on June 22, as a result, the Board of Directors of the Company, at its meeting of June 10, 2022, approved the seventh own share buyback program, within the framework the authorization granted by the annual general meeting of shareholders, held on June 10, 2022, in the following terms:
˗ Purpose of the buyback program: The amortization of own shares acquired by reduction of the share capital to their nominal amount, as provided for in point 2. a) of article 5 of Regulation 596/2014.
˗ Maximum monetary amount and maximum number of shares: The buyback program will have a maximum monetary amount of 25 (twenty-five) million euros. However, under no circumstances may the number of treasury shares to be acquired exceed 8% of the current share capital of the Company, made up of 100,971,237 shares (equivalent to 8.08 million shares).
˗ Price and volume conditions: The shares will be purchased at market price in accordance with the price and volume conditions set by relevant legislation. In particular, with regard to price, the Company will not acquire shares at a price higher than the higher of the following prices: (a) the price of the last independent transaction; or (b) the highest independent bid at that time on the trading venue where the purchase is made, even when the shares are traded on different trading venues. With respect to trading volume, the Company will not acquire more than 25% of the average daily volume of own shares on the trading venue where the purchase is made, applying this limit to the entire program redemption. For these purposes, the average daily volume will be based on the average daily volume traded during the 20 trading days preceding the date of purchase.
˗ Duration: This sixth buyback program will be in effect from June 22, 2022 to June 22, 2023.
Notwithstanding the foregoing, the Company reserves the right to terminate the buyback program if, before its expiry date, it has acquired the maximum number of shares authorized by the Board of Directors, if the maximum monetary amount allocated has been exceeded or there is some other circumstance which makes it desirable.
The share purchase transactions carried out under the buyback program will be duly notified to the Commission Nationale du Marché des Valeurs Mobilières (“CNMV”) by the corresponding communication of “other useful information”, with the periodicity provided for by regulations. The interruption, finalization or modification of the program will also be the subject of a communication by means of a communication to the CNMV.
The buyback program, which will in any case comply with the obligations that may be imposed on the Company, will have Banco de Sabadell as the main manager in accordance with the provisions of the applicable regulations.
The buyback program is subject to the provisions of Regulation (EU) No 596/2014 of the European Parliament and of the Council of April 16, 2014 on market abuse and Delegated Regulation (EU) 2016/1052 of the Commission, 8 March 2016, which complements Regulation 596/2014 on regulatory technical standards on conditions applicable to buyback programs and stabilization measures, as well as other applicable regulations.