Vidrala announces share buy-back programme
According to the third resolution adopted at the Annual General Meeting held on May 29, 2018, the Board of Directors has agreed to carry out a share buy-back programme under the terms indicated below.
Purpose. The purpose of the programme is to reduce the share capital of VIDRALA by the redemption of own shares, with the aim of contributing to the shareholders’ remuneration policy through the increase in earnings per share.
Maximum size. The Company plans to buy shares in the market until it accumulates 1% of the share capital. Taking into account that VIDRALA will contribute to this repurchase program the balance of 69,073 shares it holds at present, up to a maximum of 192,000 shares will be acquired, for a maximum cash amount of EUR 16 million.
Duration. The program will have a maximum duration of twelve (12) months, from the publication of this significant event. However, the Company reserves the right to terminate buy-back programme if, thereunder and prior to its validity end date, it has acquired shares for an acquisition price that reaches the maximum cash amount or the maximum number of shares authorised by the Board of Directors, or there is any other circumstance that would advise to do so.
Additionally, an interim cash dividend from 2018 results of a gross amount of EUR 76.64 cents on all outstanding company shares has been also approved. The payment will be executed on February 14, 2019.
The dividend to be received by the Shareholder in this first interim payment will be increased by ten percent (10%) in comparison with the same distribution a year ago. Nevertheless, incorporating the effect of the new shares assigned free of charge after the bonus share issue recently completed, the gross remuneration in cash would increase by fifteen percent (15%) with respect to the previous year.
For more information, you are invited to consult the significant events sent to the CNMV (link).