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Talgo joins the fever for buybacks and will acquire up to 10 million of its capital

Date: July 24, 2024 Time: 06:06:52

Talgo closes new moves to reduce the share capital of the Company through the redemption of treasury shares. This Thursday the Spanish railway company has announced that it will start a new share buyback program that will have a maximum amount of 10 million euros. The board of directors of the company has established a plan for the repurchase of own shares with which it seeks to reduce the capital so that it contributes to the shareholder remuneration policy of the firm by increasing the profit per share.

As indicated by the company in a statement to the National Securities Market Commission (CNMV), the maximum number of own shares that will be acquired will be 2,935,351 shares, representing approximately up to 2.32% of the share capital of the entity to date. On the other hand, Talgo has established that the price and volume of the acquisitions made will be made in accordance with the company’s Delegated Regulations. That is, in terms of price, the railway company will not buy shares at a price higher than the highest between the price of the last operation and the highest independent offer of that moment in the trading center where the purchase is made.

In terms of volume, Talgo will not acquire more than 25% of the average daily volume of the shares on the trading venue where the purchase is made. The document also emphasizes that the buyback program will remain in force until April 30 next year, so the company has nine months to disburse up to 10 million euros in its shares.

“Notwithstanding the foregoing, the company reserves the right to terminate the Buy-Back Program early if, prior to the scheduled completion date, shares have been acquired under it for an acquisition price that reaches the maximum monetary amount or the maximum number of shares established, or if any other circumstance so advises or requires”, ditch from Talgo.

On the other hand, the bank that will take charge of this buyback program that will be carried out by the Spanish company, will be Banco Santander, who was appointed as the main manager of this project. In the event of any interruption, modification or termination of this repurchase process, Talgo has undertaken to inform by means of announcements of other relevant information through the regulatory body, as well as any movement and purchase operations that are carried out for the coming months.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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