Assicurazioni Generali S.p.A. (BIT:G) commences share repurchases on August 3, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 29, 2022. As per the mandate, the company is authorized to repurchase its own shares, representing 3% of its issued share capital, for Ç500 million. The minimum price for the purchase of shares shall be no lower than the sharesÆ nominal value, which is Ç1 per share and the maximum price for ordinary shares shall be not more than 5% higher than the reference price for the share on the trading day falling on the day prior to that on which each particular purchase is effected. The purpose of the program is to use excess liquid resources and provide shareholders with additional remuneration in addition to the distribution of dividends. The shares repurchased will be cancelled. The plan will be valid for 18 months.
On August 2, 2022, the company announced a share repurchase program. Under the program, the company will repurchase its own shares, representing 3% of its issued share capital, for Ç500 million. The repurchases will commence from August 3, 2022 and end by the end of December 2022.