Ageas announces new share buy-back programme
11 August 2021 - 7:15AM
Ageas announces new share buy-back programme
Ageas announces new share buy-back
programme
Ageas announces the
decision of the Board of Directors to initiate a new share buy-back
programme of its outstanding common stock for an amount of
EUR 150 million. This follows the
shareholders’ authorisation granted in May
2021. The share buy-back
programme will start on 1 September
2021 and will run up
to 29 July
2022.
This programme, which is in line with the
Group’s financial targets under the Connect21 strategy, 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 intends to 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 almost 200 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, 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 45,000 people and reported annual inflows of
over EUR 36 billion in 2020 (all figures at 100%).
- Pdf version of the press release
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