Bekaert announces the fourth tranche of its Share Buyback ProgramSource: OMX
Bekaert announces the fourth tranche of its Share Buyback Program
Bekaert announces today that it will commence the fourth tranche of its €120 million buyback program which was previously announced on 25 February 2022 (the Program) for a total maximum consideration of up to € 30 million (the Fourth Tranche).
Bekaert completed the third tranche of the Program on 26 October 2022. In aggregate, between 29 July 2022 and 26 October 2022, the company repurchased 1 036 303 ordinary shares for an aggregate consideration of € 30 million. Under the initial and second tranche of the Program the company repurchased 1 631 112 ordinary shares for an aggregate consideration of € 57.3 million.
It is intended that, subject to market conditions, the Fourth Tranche will be completed prior to the release of the Group’s 2022 annual results, scheduled for March 1, 2023.
Bekaert has appointed Kepler Cheuvreux SA as independent intermediary to repurchase the shares on its behalf and to make trading decisions under the Fourth Tranche independently of Bekaert.
As announced previously, the purpose of the Program is to reduce the issued share capital of the company and all shares repurchased as part of this arrangement will be cancelled. So far, 1 449 409 treasury shares were cancelled.
During the Fourth Tranche of the Program, Bekaert will regularly publish press releases with updates on the progress made, as required by law. This information will also be available on the investor relations pages of our website.