Sanlorenzo: launch of the share buy-back program
Ameglia (SP), 24 September 2020 – Sanlorenzo S.p.A. (“Sanlorenzo” or the “Company”) announces the launch of the treasury share buy-back program in accordance with the resolution of the Ordinary Shareholders’ Meeting held on 31 august 2020.
The program is aimed at enabling the Company to purchase treasury shares for the following purposes:
(i) operate on the market from a medium-and long-term investment perspective;
(ii) use excess liquidity;
(iii) optimise the capital structure;
(iv) have a “securities inventory” to be used in the context of extraordinary transactions of interest to Sanlorenzo;
(v) serve future management incentive plans approved by the Company.
The purchases of treasury shares will be carried out upon the terms and conditions set out in the above mentioned Shareholders’ resolution, even in several tranches, up to a maximum number of 3,450,000 shares (equal to 10% of the share capital subscribed and paid-in), within 28 February 2022 (18 months starting from the Shareholders’ resolution).
The purchase transactions will be executed in such a way as to allow compliance with the equal treatment of shareholders, in accordance with the provisions of Article 132 of the TUF, Article 144-bis of Consob Regulation no. 11971 of 14 May 1999 as subsequently amended (the “Issuers’ Regulations”) and any other applicable legislation as well as, to the extent applicable, accepted market practices.
The purchases of treasury shares will take place at a price that is not more than 10% higher or lower than the reference price recorded on the Mercato Telematico Azionario (the screen-based market of the Italian Stock Exchange) organised and managed by Borsa Italiana S.p.A. in the trading session preceding each individual transaction.
The transactions will be disclosed to the market in accordance with current legislation. Any subsequent changes to the above described buy-back plan will be promptly disclosed by the Company.
The Company did not hold any treasury shares in portfolio before the start of the program.
For further details, please refer to the authorisation resolution approved by the Ordinary Shareholders’ Meeting on 31 August 2020 and to the relevant explanatory report of the Board of Directors, available in the “Corporate Governance” section of the Company’s website (www.sanlorenzoyacht.com) and on the “eMarket STORAGE” storage mechanism (www.emarketstorage.com).