Ageas announces new share buy-back programme
08 August 2018 - 7:20AM
Ageas announces
the decision of the Board of Directors to initiate a new share
buy-back programme[1] of its outstanding common stock for an amount of EUR 200
million[2]. This follows the shareholders' authorisation granted in
May 2018.
The share buy-back programme will
start on 13 August 2018 and will run up to 2 August 2019.
This programme will be implemented
in accordance with industry best practices and in compliance with
the applicable buy-back rules and regulations. To this end, Ageas
will mandate an independent broker to execute the programme through
open market purchases on its behalf on Euronext Brussels.
The bought back shares will be
held as treasury shares. Ageas will propose to its shareholders
their cancellation, excluding the shares needed to cover
share-plans granted to senior management. The share buy-back will
not affect the solvency position of the insurance operations.
Ageas will keep the market fully
informed of the progress of the transaction in line with applicable
regulations.
Ageas is a listed international
insurance Group with a heritage spanning 190 years. It offers
Retail and Business customers Life and Non-Life insurance products
designed to suit their specific needs, today and tomorrow. As one
of Europe's larger insurance companies, Ageas concentrates its
activities in Europe and Asia, which together make up the major
part of the global insurance market. It operates successful
insurance businesses in Belgium, the UK, Luxembourg, France,
Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos,
Cambodia, Singapore, and the Philippines through a combination of
wholly owned subsidiaries and long term partnerships with strong
financial institutions and key distributors. Ageas ranks among the
market leaders in the countries in which it operates. It represents
a staff force of over 50,000 people and reported annual inflows
close to EUR 34 billion in 2017 (all figures at 100%).
[1] Ageas has
informed the National Bank that this operation can be considered as
non-strategic, according to article 36/3 §2 of the law of 22
February 1998 determining the statute of the National Bank of
Belgium.
[2] Currently,
Ageas owns approximately 3.29% of its own shares. The maximum
buy-back of 10% of issued share capital authorized by the
shareholders will not be exceeded.
Pdf version of the press
release
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Ageas via Globenewswire
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