Ferrari N.v.: Completion of the Second Tranche and Announcement of the Third Tranche of the Multi-Year Share Repurchase Program
27 Giugno 2023 - 3:00PM
Maranello (Italy), June 27,
2023 – Ferrari N.V. (NYSE/EXM: RACE)
(“Ferrari” or the “Company”)
informs that the Company has purchased, under the Euro 200 million
share buyback program announced on December 1, 2022, as the second
tranche of the multi-year share buyback program of approximately
Euro 2 billion expected to be executed by 2026 in line with the
disclosure made during the 2022 Capital Markets Day (the
“Second Tranche”), the additional common shares -
reported in aggregate form, on a daily basis - on the Euronext
Milan (EXM) and on the New York Stock Exchange (NYSE) as
follows:
|
EXM |
NYSE |
Total |
Trading |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Consideration excluding fees |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Date |
excluding fees |
|
excluding fees |
|
|
excluding fees |
|
(d/m/y) |
(€) |
(€) |
($) |
($) |
(€)* |
(€)* |
(€)* |
|
|
|
|
|
|
|
|
19/06/2023 |
3,930 |
281.0728 |
1,104,616.10 |
- |
- |
- |
- |
3,930 |
281.0728 |
1,104,616.10 |
20/06/2023 |
3,930 |
281.1460 |
1,104,903.78 |
- |
- |
- |
- |
3,930 |
281.1460 |
1,104,903.78 |
21/06/2023 |
3,935 |
281.1690 |
1,106,400.02 |
9,660 |
308.4413 |
2,979,542.96 |
2,727,769.80 |
13,595 |
282.0279 |
3,834,169.82 |
22/06/2023 |
3,980 |
278.4475 |
1,108,221.05 |
- |
- |
- |
- |
3,980 |
278.4475 |
1,108,221.05 |
23/06/2023 |
3,930 |
281.9545 |
1,108,081.19 |
- |
- |
- |
- |
3,930 |
281.9545 |
1,108,081.19 |
26/06/2023 |
3,926 |
281.6412 |
1,105,723.35 |
- |
- |
- |
- |
3,926 |
281.6412 |
1,105,723.35 |
|
23,631 |
280.8999 |
6,637,945.49 |
9,660 |
308.4413 |
2,979,542.96 |
2,727,769.80 |
33,291 |
281.3287 |
9,365,715.29 |
Total |
|
(*) translated at the European Central Bank
EUR/USD exchange reference rate as of the date of each purchase
With the purchases described above the Company
has completed the Second Tranche of the Program announced on
December 1, 2022.
The total consideration for such Second Tranche
of the Program was:
- Euro 159,999,974.99 for No. 660,524 common shares purchased on
the EXM
- USD 42,879,903.44 (Euro 39,999,773.40*) for No. 162,716 common
shares purchased on the NYSE.
As of June 26, 2023, the Company held in
treasury No. 12,605,235 common shares equal to 4.91% of the total
issued share capital including the common shares and the special
voting shares, net of shares assigned under the Company’s equity
incentive plan.Since July 1, 2022 until June 26, 2023, the Company
has purchased a total of 1,631,648 own common shares on EXM and
NYSE, including transactions for Sell to Cover, for a total
consideration of Euro 359,173,738.41.
A comprehensive overview of the transactions
carried out under the buyback program, as well as the details of
the above transactions, are available on Ferrari’s corporate
website under the Buyback Programs section
(https://www.ferrari.com/en-EN/corporate/buyback-programs).
The Company intends to continue its already
disclosed multi-year share buyback program with a third tranche of
up to Euro 200 million to start on July 3, 2023 (“Third
Tranche”) and to end no later than October 20, 2023 with
two components:
- Firstly, Ferrari has entered into a non-discretionary buyback
agreement for an amount equivalent to Euro 130 million to be
executed on the EXM market through a primary financial institution
(the “Bank”). The Bank will make its trading
decisions concerning the timing of the purchases of Ferrari’s
common shares independently of and uninfluenced by Ferrari and it
will act in compliance with applicable rules and regulations as
well as in accordance with the provisions of the Market Abuse
Regulation 596/2014 and the Commission Delegated Regulation (EU)
2016/1052 (the “Regulations”). Under this
agreement purchases may continue during any closed periods of
Ferrari in accordance with the Regulations.
- Secondly, Ferrari has entered into an additional mandate with a
primary financial institution for up to Euro 70 million to be
executed on the NYSE. Pursuant to such mandate Ferrari would
provide the financial institution with purchase instructions from
time to time in compliance with applicable rules, regulations and
legal requirements. The actual timing, number and value of common
shares repurchased on the NYSE will depend on a number of factors,
including market and general business conditions.
The Third Tranche implements the resolution
adopted by the Shareholders’ Meeting (held on April 14, 2023) and
duly communicated to the market, which authorized the purchase of
up to 10% of the Company’s common shares during the eighteen-month
period following such Shareholders’ Meeting. The repurchase
authority will expire on October 13, 2024 or until such authority
is extended or renewed before such date.
Details of the repurchase transactions carried
out under the Third Tranche shall be disclosed to the market as
required by applicable regulation.
- FNV BB PR 27 June 2023 ENG
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