ROME--(BUSINESS WIRE)--
Today, the Board of Directors of Avio, following the decision taken by the Shareholders Meeting of the 29th April 2021, has decided to start the share buyback program.
The program authorized by the Shareholders Meeting targets a maximum amount corresponding to 10% of share capital, equal to €9.1 million.
As of today, Avio owns 671,233 own shares, 2.55% of the total shares.
The program approved authorizes the start of the buyback for a maximum total amount of €9.1 million, until the expiration of the authorization provided by the Shareholder Meeting, set on October 30th, 2022, unless such authorization is withdrawn. With this program, alongside the previous one, the maximum limit of 20% of the total share capital foreseen by the Italian Civil Code is reached.
In line with the previous program, the current will take place through purchases made by a specialized financial intermediary, Equita SIM, in full independence with respect to Avio, also concerning the timing of the operations, following the applicable laws and the mentioned Shareholders’ decision.
In line with the decision of the Shareholder Meeting, the purchase program has the objective to:
a) Pursue an efficient use of liquidity generated by the ordinary business activities through a medium-long term investment in own shares;
b) Offer shareholders a way to realize their investment;
c) Use the own shares as an exchange currency in extraordinary operations, acquire financial means for acquisitions and/or in deals involving the exchange of shares, or for other ends as deemed useful for Avio from the financial or strategic point of view;
d) Use the own shares, including those already bought, for incentive plans, also in the future, for the benefit of Directors, Employees and Associates of Avio or its subsidiaries, or also as additional compensation to shareholders.
The program targets purchases of own shares for a maximum total value of €9.1 million. Following the applicable laws, the maximum number of shares to be bought is 1,000,000.
The purchases will be carried out on the MTA market according to the applicable laws, in order to ensure the respect of the fair and equal treatment of shareholders’ as of art.132 of T.U.F., and according to technical and operating terms set by Borsa Italiana.
Avio will disclose to the market, according to the applicable laws, the details of the purchase’s operations made.
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