SOTIPAPIER announced on Tuesday that it is launching a 12-month share buy-back program to cancel its own shares.
The aim of this share buy-back program, the company said, is to cancel the shares in a non-loss motivated capital reduction equal to the amount of shares bought back, which will have an accretive effect and increase earnings per share.
The Company states that it will implement this program with a maximum of 2.07% of the share capital. The shares will be repurchased in cash only.
The 12-month period corresponding to the duration of the buy-back program shall commence on the date of the Extraordinary General Meeting of SOTIPAPIER held on August 21, 2024 to approve the capital reduction by cancellation of the shares actually acquired and to authorize the Board of Directors to implement the buy-back program, delegating full powers to it for this purpose.
The Board of Directors undertakes, by virtue of the powers delegated to it by the Extraordinary General Meeting of August 21, 2024, to limit the number of shares to be acquired under the buy-back program to 585,000 shares, i.e. 2.07% of the share capital. The public can therefore continue to hold 2,761,399 shares, i.e. a free float corresponding to the threshold of 10% of the share capital.
The shares actually acquired will be cancelled within a maximum period of three months from the closing date.
