INTERNATIONAL CONSOLIDATED AIRLINES
GROUP, S.A. ("IAG" or
the "Company") announces
that, in accordance with the authorisation granted by the Annual
General Shareholders' Meeting held on 26 June 2024, it will
undertake a share purchase programme (the "Programme") for the purposes of hedging
its requirement to deliver shares to Globalia as part of the
consideration for its proposed acquisition of the remaining 80 per
cent. of the issued share capital of Air Europa.
As announced on 24 February 2023,
the proposed acquisition of Air Europa is subject to regulatory and
other approvals. If the proposed acquisition is not completed, the
shares purchased under the Programme alternatively may be used to
satisfy share awards to executives and employees (including
executive directors) made under the IAG share-based incentive
plans.
Goldman Sachs Bank Europe SE
("Goldman Sachs") has
been engaged to implement the Programme. Goldman Sachs (and/or its
delegates) will make the share purchases on the Company's behalf
(acting as riskless principal and not as agent) and make all
trading decisions independently of, and uninfluenced by, the
Company.
The Programme will have the
following characteristics:
a) Regulated market: the shares will be
purchased on both the London Stock Exchange and the
Spanish Stock Exchanges (each an "Exchange").
b) Maximum pecuniary amount allocated to the
programme: €70,000,000.
c) Maximum number of shares to be
acquired: up to 27,064,575 ordinary shares, which
represent 0.5 per cent. of the Company's share capital as
of today's date (1 July 2024).
d) Maximum consideration per share: the
shares will be purchased at a maximum price of the higher of the
price of the last independent trade and the highest then current
independent purchase bid on the Exchange where the purchase is
carried out.
e) Maximum volume per trading session: no
more than 25 per cent. of the average daily volume of the shares
traded on the Exchange in the 20 trading days immediately preceding
the date of purchase.
f) Duration: The Programme will start
on 1 July 2024 and end no later than 2 August 2024,
unless terminated by the Company or Goldman
Sachs in the event of any circumstance that
so advises or requires.
Shares purchased under the Programme
will be held in treasury.
Nicholas Cadbury
Chief Financial and Sustainability
Officer
1 July
2024
LEI: 959800TZHQRUSH1ESL13