Eni Board to propose re-start buyback program at Shareholder Meeting
Eni’s Board of Directors, chaired by Lucia Calvosa, has resolved to submit a proposal to authorize the purchase of treasury shares at the Shareholder Meeting of May 12, 2021, called in ordinary session, for a period of 18 months from the date of the Shareholders’ Meeting. The proposal concerns the purchase of treasury shares for a potential maximum outlay of € 1,600 million and for a maximum number equal to 7% of ordinary shares, in which the Eni share capital is divided.
The purchases will be subject to the occurrence of Brent scenario conditions set out by the shareholder remuneration policy in the 2021-2024 Strategic Plan. The price reference for the current year will be defined and announced to the market in July 2021, during the half year presentation of the financial results.
The authorization for the purchase of treasury shares is functional to the possible re-start of the buyback program envisaged under the Eni’s Strategic Plan, which was presented to the financial community on February 19, 2021.
The re-start of the buyback program is intended to give the Company a flexible option to grant the shareholders additional remuneration beyond the distribution of dividends, subject to the occurrence of the conditions set out in the 2021-2024 Strategic Plan.
The Board of Directors will submit a proposal to the Shareholders’ Meeting called in 2022 to approve the financial statements at 31 December 2021 to cancel the treasury shares purchased up to the date that Meeting is called, in execution of the buyback program, specifying that the cancellation will be carried out without a reduction in share capital in consideration of the fact that Eni shares have no par value.
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