Societé Generale: Description of the share buyback programme subject to the authorization of the Combined General Meeting dated 22 May 2024
17 Maggio 2024 - 7:44PM
Societé Generale: Description of the share buyback programme
subject to the authorization of the Combined General Meeting dated
22 May 2024
DESCRIPTION OF THE SHARE BUYBACK
PROGRAMME SUBJECT TO THE
AUTHORISATION OF THE COMBINED GENERAL
MEETING DATED 22 MAY 2024
Regulated Information
Paris, 17 May 2024
This description is drawn up in accordance with
the provisions of Article 241-2-I of the General Regulation of the
French Financial Markets Authority (“Autorité des marches
financiers”).
1. Date of the General Meeting called to
authorise the share buyback programme
The authorisation for the Company to buy its own
shares will be proposed to the Combined General Meeting dated 22
May 2024 (22nd resolution).
2. Breakdown by objectives of the shares
held
As at 16 May 2024, at midnight (Paris time),
Societe Generale held 3,823,838 of its own shares, representing
0.48% of its share capital. The allocation of the shares is as
follows:
Cancellation |
0 |
Allocation to employees and corporate officers |
3,818,347 |
Exercise of rights attached to securities |
0 |
External growth |
491 |
Liquidity agreement |
5,000 |
3. Purposes of the share buyback
programme
Societe Generale proposes that the Combined
General Meeting dated 22 May 2024 renews its authorisation to buy
its own shares so it can:
- grant, cover and honour any free
shares allocation plan, employee savings plan and any form of
allocation for the benefit of employees and company officers of the
Company or affiliated companies under the conditions defined by the
applicable legal and regulatory provisions;
- cancel them, in accordance with the
terms of the authorisation of the Combined General Meeting dated 22
May 2024 in its 30th resolution;
- deliver shares upon the exercise of
rights attached to securities giving access to the Company’s share
capital;
- hold and subsequently deliver
shares as payment or exchange as part of Group’s external growth
transactions such as merger, spin-off or asset contribution
transactions;
- allow an investment services
provider to trade in the Company’s shares as part of a liquidity
agreement compliant with the regulations of the French Financial
Markets Authority (“Autorité des Marchés Financiers”).
4. Maximum amount allocated to the share
buyback programme, maximum number and characteristics of shares,
maximum purchase price
The resolution proposed to the General Meeting
provides that Societe Generale may purchase its ordinary shares up
to 10% of the total number of shares representing the share capital
at the completion date of these purchases, reminded that, in
accordance with the law, the number of shares held by
Societe Generale may not exceed, at any time, 10% of the share
capital.
Within the framework of the share buyback
programme subject to the authorisation of the Combined General
Meeting and given the current share capital, the Company could
purchase a theoretical maximum number of 80,297,994 shares
representing 10% of its share capital.
The maximum purchase price would be set at EUR
71 per share, i.e. a potential maximum amount allocated to the
programme of EUR 5,701,157,574. This maximum amount is likely to
change in case of transactions impacting its share capital.
5. Duration of the share buyback
programme
It is proposed to the Combined General Meeting
dated 22 May 2024 to set the duration of the authorisation for the
Company to buy its own shares at 18 months from the date of the
General Meeting, i.e. until 22 November 2025.
6. Fulfillment of prudential
requirements
The Board of Directors will ensure that the
execution of these buybacks will be carried out in accordance with
prudential requirements as defined by the regulation and the
European Central Bank.
Press contacts:Jean-Baptiste
Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.comFanny
Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com
Societe Generale
Societe Generale is a top tier European Bank with more than
126,000 employees serving about 25 million clients in 65 countries
across the world. We have been supporting the development of our
economies for 160 years, providing our corporate, institutional,
and individual clients with a wide array of value-added advisory
and financial solutions. Our long-lasting and trusted relationships
with the clients, our cutting-edge expertise, our unique
innovation, our ESG capabilities and leading franchises are part of
our DNA and serve our most essential objective - to deliver
sustainable value creation for all our stakeholders.The Group runs
three complementary sets of businesses, embedding ESG offerings for
all its clients:
- French Retail, Private Banking
and Insurance, with leading retail bank SG and insurance
franchise, premium private banking services, and the leading
digital bank BoursoBank.
- Global Banking and Investor
Solutions, a top tier wholesale bank offering
tailored-made solutions with distinctive global leadership in
equity derivatives, structured finance and ESG.
- International Retail, Mobility
& Leasing Services, comprising well-established
universal banks (in Czech Republic, Romania and several African
countries), Ayvens (the new ALD I LeasePlan brand), a global player
in sustainable mobility, as well as specialized financing
activities.
Committed to building together with its clients a better and
sustainable future, Societe Generale aims to be a leading partner
in the environmental transition and sustainability overall. The
Group is included in the principal socially responsible investment
indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg
Gender-Equality Index, Refinitiv Diversity and Inclusion Index,
Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders
indexes, and the MSCI Low Carbon Leaders Index (World and
Europe).
In case of doubt regarding the authenticity of this press
release, please go to the end of the Group News page on
societegenerale.com website where official Press Releases sent by
Societe Generale can be certified using blockchain technology. A
link will allow you to check the document’s legitimacy directly on
the web page.
For more information, you can follow us on Twitter/X
@societegenerale or visit our website societegenerale.com.
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