Virbac launches a share buyback program
22 Agosto 2023 - 6:20PM
Virbac launches a share buyback program
Following the decision of the board of
directors on June 19, 2023 and its approval by the shareholder’s
meeting, we are going to buy back 100,000 of our own shares (less
than 1.25% of the capital). Main objective: to decrease the
company's share capital by canceling treasury
shares purchased.
Description of the 2023-2024 share
buyback program
In accordance with the provisions of article 5
of regulation (EU) n°. 596/2014, article 2 of delegated regulation
(EU) 2016/1052 and article 241-2 of the AMF general regulation, and
of articles L. 225-209 and following of the French commercial code,
the purpose of this document is to describe the aim and modalities
of the program to buy back its own shares initiated by our
company.
This program was decided by the board of
directors on June 19, 2023, subject to the delegation granted by
the shareholder’s meeting on June 20, 2023 in accordance with the
provisions of article L 22-10-62 of the French commercial code in
the terms published in the context of the prior notice published in
Balo n°57 of May 12, 2023 and which has the following
characteristics.
Objectives of the share buyback program
as authorized by the shareholder’s meeting
- Ensure liquidity or support the
market price via an independent investment services provider
pursuant to a liquidity agreement in accordance with a code of
ethics recognized by the French financial markets authority.
- Proceed with the allocation of
performance-related stock grants under the provisions of articles
L225-197-1 et seq. of the French commercial code.
- Reduce the company’s share capital
by canceling all or part of the shares purchased.
Maximum limits of the
program as set by the shareholder’s
meeting
- Nature of shares: ordinary
shares.
- Maximum of the company’s share
capital: 10%.
- Maximum number of shares: 845,800.
It should be noted that in the event of a capital increase through
incorporation of reserves and allocation of performance-related
stock grants, a share split or reverse shares split, this amount
will be adjusted by a multiplier equal to the ratio between the
number of shares in the share capital prior to the transaction and
the number after the transaction.
- Maximum purchase price per share:
€1,000.
- The maximum amount allocated to the
implementation of the buyback program is set at 829,587,000
euros.
Duration of the authorization granted by
the shareholder’s meeting
- Eighteen months from the date of
the shareholder’s meeting.
Implementation of the program under a
liquidity agreement
- The liquidity agreement entered
into with Exane on February 26, 2019 is currently suspended until
the end of December 2023.
Implementation of the share buyback
program with a view to reducing capital by canceling
shares
- Virbac's board of directors will
appoint an investment services provider to implement the share
buyback program, with a view to reducing capital, as authorized by
the shareholder’s meeting and according to the delegation granted
by the shareholder’s meeting. The term of this mandate will expire
on September 30, 2024.
- The terms of the mandate will
relate to a maximum volume of 100,000 Virbac shares (representing
less than 1.25% of the company's capital as of December 31, 2022)
for a unit purchase price not exceeding €270 and a total volume of
buyback therefore not exceeding €27,000,000.
- Shares redeemed under this mandate
will be fully canceled by our company.
Details of the resolutions governing this share
buyback and cancellation program are available in our annual report
(resolutions 21 and 22 on page 240, 241 and 242 of the 2022 annual
report), which is itself available on our company's website.
Always working for animal
healthAt Virbac, we provide innovative solutions to
veterinarians, breeders and animal owners in more than 100
countries around the world. Covering more than 50 species, our
range of products and services makes it possible to diagnose,
prevent and treat the majority of pathologies. Every day, we are
committed to improving the quality of life of animals and together
shaping the future of animal health.
Virbac: Euronext Paris - subfund A – ISIN code:
FR0000031577 / MNEMO: VIRP
Financial Affairs department: tel. +33 4 92 08
71 32 - email: finances@virbac.com - Website:
corporate.virbac.com
- VIRBAC Share buyback program 2023
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