d'Amico International Shipping S.A. (BIT:DIS) commences share repurchases on June 19, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on June 13, 2023. As per the mandate, the company is authorized to repurchase up to 16,797,361 ordinary shares, up to a maximum of 18,615,795 shares of the Company including the Own Shares already repurchased and held in the Company’s portfolio in compliance with Article 430-15 of the Luxembourg Company Law, representing 13.53% of its issued capital, for €100 million. The shares will be repurchased within the price range not lower than 10% below the official price reported in trading session and not higher than 10% of the above the shares official price reported in the trading session on the day before the carrying out each individual transaction.

The repurchases will be funded using the available reserves and/or distributable earnings. The shares repurchased will be kept in treasury and used in order to place the company in a position to offer them for distribution to the company and its subsidiaries directors, key managers, employees or contractors pursuant to implementation of stock option plan, to make them available as a means of payment, exchange, transfer, contribution, assignment or other action of disposal within the framework of any other strategic transactions linked to the Company and its subsidiaries’ operations and of any projects offering an effective investment opportunity in line with the strategic policy of the company. The share repurchase program will expire after on June 19, 2028.

As of May 11, 2023, the company had 124,106,556 shares outstanding and holds 1,818,434 shares in treasury after implementation of the reverse stock split transaction at a ratio of one to ten.