2023-09-28 18:05:28
Santander Bank This Thursday, September 28, it launched a new share buyback program for a maximum amount of 1,310 million euros, an amount equivalent to 25% of the ordinary profit of the entity chaired by Ana Botín in the first half of this year.
The objective of this new share repurchase plan is to reduce the share capital of Banco Santander through the amortization of the acquired securities, in compliance with the capital reduction approved by the ordinary general meeting of shareholders last March.
Santander Bank intends to carry out this program so that the maximum average price at which the shares are purchased does not exceed 4.57 euros, a figure that corresponds to the tangible equity per share as of June 30.
As for the maximum number of shares to be acquired, it will depend on the average price at which the purchases are actually made, but it will not exceed 1,604,701,732 shares. Assuming that the average share purchase price was 3.60 euros, the maximum number of shares would be 363,888,889, a number equivalent to 2.25% of the share capital.
As stated in the conditions of the program that Santander Bank has been sent to the National Securities and Markets Commission (CNMV), the purchase of the shares must be at market price. The entity may not acquire shares at a price higher than the highest of the last independent transaction, nor of the highest independent offer at that time, in the trading center where the purchase is carried out.
Likewise, Banco Santander may not purchase on any trading day more than 25% of the average daily volume of shares in the center where the acquisition is made. On the other hand, the average daily volume of purchases will be based on the average figure negotiated in the 20 business days prior to the date of each purchase.
The new Banco Santander share buyback program will end in principle on January 25, 2024. However, the entity chaired by Ana Botín reserves the right to terminate the buyback program if, before that date, the maximum monetary amount is reached, or any other circumstance occurs that makes it advisable.
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