Bekaert continues its Share Buyback ProgramSource: OMX
Bekaert continues its Share Buyback Program
Following the release of Bekaert’s 2022 annual results, and the announcement that its Board has approved the continuation of its share buyback program for a total amount of up to € 120 million over a period of up to 12 months (the “Program”), Bekaert today announces the immediate start of a fifth tranche of the Program for an aggregate amount of up to € 30 million (the “Fifth Tranche”). This Fifth Tranche will end on or before 3 May 2023.
The approval by Bekaert’s Board of the continuation of the Program falls, as for the initially approved share buyback program, under the authorization granted by Bekaert’s Extraordinary General Meeting of 13 May 2020.
Bekaert has appointed Kepler Cheuvreux SA as independent intermediary to repurchase the shares on its behalf and to make trading decisions under the Fifth 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.
During the Fifth Tranche, 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. Any further tranches of the Program, which may be conducted after completion of the Fifth Tranche, will be announced in due course.
Update on the Liquidity Agreement
In relation to the renewed liquidity agreement with Kepler Cheuvreux announced on 2 September 2022, Bekaert announces today that the Board of Directors of Bekaert has confirmed the continuation of the liquidity program with Kepler Cheuvreux, as a result of which the maximum price at which shares may now be repurchased under the Liquidity Agreement is € 51.69.