The Agfa-Gevaert Group today announced a share buyback program with a volume of up to 50 million Euro.
The program was decided by the Board of Directors on March 9, 2021. Under this program, which will start on April 1, 2021 and has a planned duration of maximum 12 months, the Agfa-Gevaert Group may acquire its common stock, for a maximum consideration of 50 million Euro. The Board also approved the cancellation of the 4,099,852 treasury shares currently held by the company.
The share repurchases will be conducted under the terms and conditions approved by the Extraordinary General Meeting of Shareholders of the Group of May 12, 2020. The program will be implemented in accordance with industry best practices and in compliance with the applicable buyback rules and regulations. To this end, an independent financial intermediary will repurchase shares on the basis of a discretionary mandate. During the program, the Group will regularly publish press releases with updates on the progress made (if any), as required by law. This information will also be available on the investor relations pages of the Group’s website.
The purpose of the program is to reduce the issued capital of the Group and to cancel all or part of the purchased shares.
“This share buyback program allows our shareholders to benefit from the sale of part of our HealthCare IT activities, which was concluded in May 2020. Furthermore, it shows our confidence in our ongoing transformation process. We are on the right track to execute the growth strategies we have drawn up for our divisions and to create future shareholder value,” said Pascal Juéry, President and CEO of the Agfa-Gevaert Group.