Ferrari announce fourth tranche of multi-year share repurchase program
London, 08 November 2023, (Oilandgaspress) – Ferrari N.V. announced its intention to continue its 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, with a fourth tranche of up to Euro 350 million to start on November 8, 2023 (“Fourth Tranche”) and to end no later than June 26, 2024 with two components:
Firstly, Ferrari has entered into a non-discretionary buyback agreement for an amount up to Euro 250 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, including 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 whereunder Ferrari intends to instruct repurchases of shares for up to Euro 100 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.
By means of the previous three tranches of the mentioned multi-year share buyback program executed until October 20, 2023, the Company has purchased a total of 2,334,284 own common shares on EXM and NYSE, including transactions for Sell to Cover, for a total consideration of Euro 559,196,761.15.
The Fourth 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 Fourth Tranche shall be disclosed to the market as required by applicable regulation.
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