MPS announced that, in the wake of the authorization issued by the European Central Bank (ECB), it will launch the treasury share buyback program in support of all existing short and long-term incentive plans, “which provide for deferred portions which will enter in the effective availability in the period between 2023 and 2031 subject to the positive verification of all the future conditions envisaged for the vesting”.
The duration of the Program has been identified in the period 28 February – 13 March 2023 (included).
The treasury share buyback plan was approved by the shareholders’ meeting held on 7 April 2022 and until the new meeting to which the approval of the financial statements for the 2022 financial year will be submitted.
Banco BPM specified in the note with which it gave the news of the launch of the buyback program that the authorization to dispose of treasury shares is without time limits, specifying that “the maximum total value is equal to Euro 10 million, in support of all existing plans relating to both the annual incentive for the years 2016, 2017, 2018, 2019, 2020, 2021 and 2022, and
to the 2017/2019, 2021/2023 and 2022/2024 long-term incentive plans, considering therein the deferred portions which will become available in the period between 2023 and 2031 and are subject to the positive verification of all future conditions envisaged for maturation”.
The purchase of treasury shares will take place for a maximum number of Banco BPM ordinary shares corresponding to an amount not exceeding Euro 10 million, which, considering the reference price of 24/02/2023 equal to Euro 3.992 per share, would correspond to no. 2,505,010 shares equal to approximately 0.17% of Banco BPM’s share capital.
The purchase price of each of the treasury shares must be, inclusive of accessory purchase charges, as a minimum, no lower than 15% (fifteen percent) and, as a maximum, no higher than 15% (fifteen percent) of the official price registered by the security on the Euronext Milan market the day before the purchase.
Furthermore, the daily purchase quantities will not exceed 25% of the average daily trading volume of Banco BPM shares on regulated markets during the 20 trading days preceding the purchase date.
The Banco BPM share benefited yesterday from the rally that invested the shares of Italian banks, gaining 2.31% on the Ftse Mib of Piazza Affari at 4.084 euros.