The Banca Ifis Board of Directors approved the launch of the treasury share buyback program in support of the Programme LTI 2021-2023 following the approval by the Shareholders' Meeting communicated on 28 July 2021.
The Program provides for the purchase of a maximum of 1.044.000 ordinary shares for a value not exceeding 20,9 million euro which can be done in one or more times starting from today until the next 5th November inclusive, subject to early termination, says a statement from the banking institution.
Banca Ifis, purchase of treasury shares in implementation of the plan
The daily purchase quantities will not exceed 25% of the average daily trading volume of Banca Ifis shares during the 20 trading days prior to the purchase dates.
To date, Banca Ifis owns 339.139 treasury shares, equal to approximately 0,63% of the share capital, while its subsidiaries do not hold Banca Ifis shares.
The purpose of the purchase is to provide Banca Ifis with the shares to be used in execution of the Plan, which provides for theattribution of options to the Chief Executive Officer and to any other additional beneficiaries that may be subsequently identified, partly up-front and the rest in a deferred period of time, subject to the positive verification of all the envisaged conditions.
Purchases and disposals of treasury shares will be carried out on the Euronext Milan market, in one or more tranches, on a revolving basis, so as to ensure equal treatment of shareholders.
Purchases will be made at a corresponding not higher than the higher price between the price of the last independent transaction and the price of the highest independent purchase offer current on the Euronext Milan market and it being understood that the aforementioned consideration cannot in any case be lower than the closing price that the share will have recorded in the trading session of the day prior to the completion of each single transaction, decreased by 15%, nor higher than the closing price that the security will have recorded in the trading session of the day prior to the completion of each single transaction, increased by 15%.
