No sooner said than done. It took just 24 hours for Banco Santander to communicate its new plan to repurchase its own securities and to start the program once the necessary authorizations had been obtained. The repurchases of securities, subject to the fact that they are carried out up to an average price of 4.57 euros, which coincides with the book value per share of the assets chaired by Ana Botín, are valued at 1,310 million euros.
“Banco Santander intends to execute the Program so that the maximum average price at which shares are acquired does not exceed 4.57 euros, it is important that it corresponds to the tangible book value per share at 30 June 2023,” he says in a statement sent to the National Securities Market Commission (CNMV) this Wednesday.
The program will be executed between September 28 and January 25, 2024, although the financial institution reserves the right to end it earlier in the event that the maximum amount – 1,310 million euros – is reached or “some other circumstance that I would advise it that way,” he adds.
Likewise, it points out that, at most, you can acquire up to a total of 1,604,701,732 shares; although the forecasts are that the volume of acquisitions will be lower. “Assuming that the average purchase price of shares in execution of the program was 3.60 euros, the maximum number of shares that would be acquired would be 363,888,889 (approximately 2.25% of the bank’s share capital),” he exemplifies. in the information sent to the supervisor of the Spanish stock exchange.