The operation starts di repurchase of Snam's treasury shares. This was announced by the company, underlining that the share buyback, authorized by the shareholders' meeting of 2 April 2019, will be carried out according to the "terms already communicated to the market on 21 November 2019 on the occasion of the presentation of the strategic plan".
“Snam – explains the company – has signed a buyback agreement with a primary level intermediary. The appointed intermediary will proceed with the possible purchase of Snam shares in full independence, in compliance with the contractually predefined parameters and criteria as well as the constraints of the applicable legislation and the shareholders' resolution"
According to the provisions, the transaction will take the form of the repurchase of Snam ordinary shares starting from 16 December 2019 and until 17 March 2020, for a maximum value of 150 million euro.
Any purchases will be made on the MTA market in order to ensure respect for the equal treatment of shareholders and in compliance with the operating procedures established in the organizational and management regulations of Borsa Italiana. The company will communicate to the market the details of any purchase operations carried out.
To date, the company led by Marco Alverà holds 94.000.000 treasury shares in its portfolio, equal to 2,77% of the share capital. The subsidiaries do not own Snam shares.
Following the announcement, in Piazza Affari, the Snam share flies to the top of the Ftse Mib, marking an increase of 2,03% to 4,532 euros.
