A buy-back program linked to sustainability is underway for Enel. The board of directors of the big Italian energy company approved the launch of a share purchase program, for a number of shares equal to 2.7 million, equal to approximately 0.027% of Enel’s share capital. The program, which will last from June 17 until September 19, 2022, is at the service of the long-term incentive plan for 2022 for the management of Enel and / or its subsidiaries.
“Taking into account the closing price of the Enel share as at June 15, 2022 on the Euronext Milan market organized and managed by Borsa Italiana, equal to € 5.56, the potential outlay associated with the execution of the Program is estimated at approximately € 15 million. “, reads a note. For the purposes of carrying out the program, Enel has appointed an authorized intermediary who will take decisions regarding purchases in full independence, also in relation to the timing of the transactions.
In particular, the purchase price of the shares may not deviate, up or down, by more than 10% with respect to the reference price recorded for the Enel share in the Euronext Milan market session on the day before each individual transaction and, in any case, not it may be higher than the higher price between the price of the last independent transaction and the price of the highest current independent purchase offer on the Euronext Milan market. Furthermore, the daily volume of purchases cannot exceed 25% of the average daily volume of Enel shares traded on the Euronext Milan market in the 20 trading days preceding the purchase date.