Backart announces the fourth tranche of the share repurchase program
BacCart today announced that it will commence the fourth tranche of the €120 million share buyback program previously announced in February 25, 2022 (Program) for a total amount of up to 30 million euros (fourth tranche).
Bakärt completed the third tranche of the program on October 26, 2022. In total, between July 29, 2022 and October 26, 2022, the company bought back 1,036,303 ordinary shares for a total amount of €30 million. As part of the first two tranches of the programme, the company has bought back 1,631,112 ordinary shares for a total value of €57.3 million.
It is expected, subject to market conditions, that the fourth tranche will be completed before the publication of the Group’s 2022 annual results, which is scheduled for March 1, 2023.
Beckart has appointed Kepler Cheuvreux SA as an independent broker to buy back shares on its behalf and to make transaction decisions under the fourth tranche independently of Beckart.
As previously announced, the purpose of the program is to reduce the issued share capital of the Company and all shares reacquired under this arrangement will be cancelled. To date, 1,449,409 treasury shares have been cancelled.
During the fourth tranche of the program, Picart will issue regular press releases with updates on progress, as required by law. This information will also be available on the pages From our Investor Relations website.