AmRest has launched a new program to repurchase own shares for up to 12 million euros
The Board of Directors of AmRest unanimously decided to establish a repurchase program for up to EUR 12 million. The purpose of the buy-back is to cover the costs of settling the current remuneration plans for management and employees of the AmRest Group.
"The maximum number of shares that will be acquired as part of the repurchase program will depend on the average price after which the acquisition will take place, but will not exceed 10% of the share capital of the company," the company said in a statement.
The repurchase program will begin on December 4, 2023 and will remain in force for a year. However, AmRest reserves the right to terminate the program if, before its expiration date, it reaches the maximum monetary amount or the maximum number of shares purchased approved by the Board of Directors or in the event of other circumstances that will make it appropriate.
Banco Santander has been designated as the repurchase programme manager and will make decisions regarding the acquisition of AmRest shares independently, without any influence or interference from the company. Acquisitions under the repurchase program may be made on the Market Square for the Spanish Stock Exchange or on the Warsaw Stock Exchange, depending on the circumstances, have been completed.
Source: AmRest and ISBnews