Enel S.p.A. ("Enel" or the "Company") announces that the Board of Directors of the Company, in implementation of the authorization granted by the Shareholders' Meeting on May 10, 2023 and in compliance with the terms already communicated to the market, has approved the launch of a share buyback program, for a number of shares equal to 4.2 million (the "Program"), equivalent to approximately 0.041% of Enel's share capital.
The Program, which will run from October 16, 2023, until no later than January 18, 2024, is in support of the Long-Term Incentive Plan for 2023 for Enel's management and/or companies controlled by Enel pursuant to article 2359 of the civil code ("LTI Plan 2023"), also approved by the Shareholders' Meeting on May 10, 2023.
Taking into account the closing price of Enel's stock on October 4, 2023, on the Euronext Milan market organized and managed by Borsa Italiana S.p.A., which was ?5.557, the potential outlay related to the execution of the Program is estimated at approximately ?23.3 million.
For the execution of the Program, Enel will appoint an authorized intermediary who will make decisions regarding the purchases independently, also concerning the timing of the transactions, and in compliance with daily price and volume limits consistent with the authorization granted by the Shareholders' Meeting on May 10, 2023, and with the provisions of Article 5 of Regulation (EU) 596/2014 on market abuse and Article 3 of Delegated Regulation (EU) 2016/1052. In particular, the purchase price of the shares may not deviate, either downwards or upwards, by more than 10% from the reference price recorded by Enel's stock in the trading session on the Euronext Milan market the day before each individual transaction, and in any case may not exceed the higher price between the price of the last independent transaction and the current highest independent purchase offer price on the Euronext Milan market.
Furthermore, the daily volume of purchases may not exceed 25% of the average daily volume of Enel shares traded on the Euronext Milan market in the 20 trading days prior to the purchase date. In line with Enel's commitment to a sustainable development model, the appointed intermediary will also be granted a discount on the price at which the Company repurchases the shares, linked to the achievement by the Enel Group of the sustainability target represented by the "Scope 1" GHG emissions intensity related to the Power Generation of the Group, equal to or less than 130gCO2eq/kWh by 2025.
The purchases will be made on the Euronext Milan market, in order to ensure equal treatment of shareholders, in compliance with Article 144-bis, paragraph 1, letter b) of Consob Regulation 11971/1999, as well as in accordance with the provisions of the aforementioned Regulation (EU) 596/2014 on market abuse and Article 3 of Delegated Regulation (EU) 2016/1052. The executed purchase transactions will be communicated to Consob and the market, in a detailed and aggregated form, within the terms and in the manner provided for by Article 2 of Delegated Regulation (EU) 2016/1052. As of today, Enel holds 5,885,106 treasury shares, equal to approximately 0.058% of the share capital, while the controlled companies do not hold any Enel shares.
It is specified that, in accordance with the resolution of the Board of Directors of the Company today, the shares already purchased and held in treasury to support similar Long-Term Incentive Plans and not used as a result of their settlement will also be allocated to the LTI Plan 2023, in addition to the 4.2 million shares subject to purchase under the Program.
(NEWS Traderlink)