Técnicas Reunidas will start this Wednesday a temporary program for the repurchase of its own shares for a maximum amount of 50 million euros. The objective is to reduce its share capital through the amortization of the acquired shares and to strengthen the remuneration to shareholders through the increase of earnings per share.
The company's board of directors approved this Tuesday the implementation of this plan, within the margins of the authorization granted by the ordinary general meeting of shareholders held on June 28, 2023, as communicated to the National Securities Market Commission (CNMV).
The maximum volume of shares to be purchased will depend on the average price at which the orders are executed. The company estimates that, taking as a reference an average price of 25 euros per share, it could acquire around two million shares, approximately 2.490% of its share capital.
These shares would be added to the 2.7% of share capital that Técnicas Reunidas already holds in treasury stock, although the total number of own shares under this program cannot exceed 10% of the company's share capital as of the current date.
The limit of 50 million euros will be exclusively allocated to the payment of the purchase price of the shares, excluding any associated costs, commissions, or brokerage fees arising from the acquisition operations.
The program will be operational until March 31, 2027. However, Técnicas Reunidas may conclude it earlier if the maximum number of shares expected is reached, the set monetary cap is reached, or if any other circumstance arises that justifies or imposes its early termination.
The acquisitions will be carried out at market prices and respecting the price and volume conditions set out in the Delegated Regulation (EU) 2016/1052 and in the authorization granted by the general meeting of shareholders.
In particular, the company will not purchase shares at a price outside the ranges authorized by the meeting nor at a price higher or lower by more than 5% compared to the weighted average price of the day on which the order is executed, without prejudice to the minimum and maximum prices established by the regulations.
Similarly, Técnicas Reunidas will not acquire more than 15% of the average daily trading volume of its shares in the trading center where each operation is carried out, calculated on the 30 business days prior to the purchase date.
The management of the program has been entrusted to Société Générale, Branch in Spain, which will execute the purchases on behalf of Técnicas Reunidas and will independently assume the acquisition decisions. During the validity of the plan, the operations provided for in the liquidity contract signed by the company with Santander Investment Bolsa will be suspended.