Share Buyback 2021
Extra cash utilization
In coherence with Aperam’s financial policy, remaining* extra cash will be utilized in the most optimum way. This includes share buy backs.
* after investing in the company’s sustainability, in value accretive growth and M&A, and paying dividend.
Announcement of the 2021 share buyback programme prior to the start of trading
On July 30, 2021 Aperam announced a share buyback program under the authorization given by the annual general meeting of shareholders held on 7 May 2019 (the “Program”).
Aperam will appoint an investment services provider to execute the repurchases of shares in the open market during open and closed periods.
Aperam intends to repurchase per day a variable number of shares at market price, for an aggregate maximum amount of one hundred (100) million euros and a maximum of 2.45 million (two million four hundred and fifty thousand) shares, over a period from 2 August 2021 up and until 31 December 2021. The price per share, of the shares to be bought under the Program, shall not exceed 110% of the average of the final listing prices of the 30 trading days preceding the three trading days prior to each date of repurchase, in accordance to the resolution of the annual general meeting of shareholders held on 7 May 2019.
Simultaneously, the Mittal family has declared its intention to enter into a share repurchase agreement with Aperam, to sell each trading day on which Aperam has purchased shares under the Program, an equivalent number of shares, at the proportion of the Mittal family’s stake of 40.96% of issued and outstanding shares of Aperam, at the same price as the shares repurchased on the open market. The effect of the share repurchase agreement is to maintain Mittal family’s voting rights in Aperam’s issued share capital (net of Treasury Shares) at the current level, pursuant to the Program.
The shares acquired under this buyback program are intended:
to be cancelled to reduce the share capital of Aperam, and
to meet Aperam’s obligations arising from employee share programs.
Reporting of transactions of the 2021 share buyback programme in accordance with Market Abuse Regulation
In accordance with the Market Abuse Regulation, transactions relating to the buyback programme are reported below: