MADRID, 25 Abr. (EUROPA PRESS) –
This Thursday, Banco Sabadell began its share repurchase of 340 million euros, recently approved by the general meeting of shareholders and proposed by the board of directors, as communicated to the National Securities Market Commission (CNMV).
These shares, representing 4% of the entity’s share capital, will be amortized gradually and will consequently allow the bank’s share capital to be reduced, which will mean, once the buyback is executed, “an increase of 4% in profit per share.” , according to the entity.
The maximum number of shares that Sabadell will acquire in the repurchase will depend on the average price at which the purchases are made, but will not exceed 544 million shares, or the lower number of shares that, added to the rest of the entity’s own shares in each moment, represent 10% of the share capital.
Furthermore, it intends to execute the buyback so that the maximum price does not exceed 2.20 euros per share, a figure that corresponds to the tangible book value per share as of December 31, 2023.
The buyback will end no later than December 31, 2024 or when the maximum monetary amount is reached or the maximum number of shares that constitute its object are acquired.
However, Sabadell reserves the right to interrupt or terminate the execution of the program early if circumstances advise or require it, and to extend its duration before its expiration, in the event that the total amount of the program has not been reached. the repurchase or the maximum number of shares to be acquired.
