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Saipem is launching a buy back programme for up to 18,620,000 shares to service the company's 2024 variable long-term incentive plan 2023-2025 award. The purchase, a note explained, will take place through the granting of a specific mandate to Banca Akros as an authorised intermediary. Purchases under the Programme will have to be made within the maximum term set at 18 months. Taking into account the listing of Saipem shares on the Borsa Italiana, Euronext Milan market/segment on August 2, 2024, the maximum potential outlay for the purchase of shares under the programme is estimated at approximately €40,220,000. Saipem holds 29,370,464 treasury shares, representing approximately 1.47% of the share capital.
In a statement, the company specifies that 'for the sole purposes of the programme and exclusively for the purchase of treasury shares by Saipem, there is a ban on trading in Saipem shares during the 30 calendar days preceding the board's approval of the half-yearly financial report, the annual financial report and the interim management reports and the related announcements to the market'.
