Fine Foods & Pharmaceuticals N.T.M. S.p.A. (BIT:FF) commences an Equity Buyback Plan for 20% of its issued share capital,under the authorization approved on May 9, 2023.
July 09, 2023
Share
Fine Foods & Pharmaceuticals N.T.M. S.p.A. (BIT:FF) commences share repurchases on July 3, 2023, under the program mandated by the shareholders in the Ordinary Shareholder's Meeting held on May 9, 2023. As per the mandate, the company is authorized to repurchase up to 20% of its issued share capital, such that company's ordinary shares held from time to time held in the portfolio by the same and by, if any, companies controlled by it, does not exceed a total of 20% of the total share capital of the company. The purchase price per share must be neither lower nor higher than beyond 15% compared to the official stock exchange price of the registered by Borsa Italiana SpA in the previous session or every single transaction. The program will be funded out of distributable profits and available reserves. The repurchased shares will be disposed off in future or share incentive plans also free of charge, exchange for consideration on the occasion of capital transactions. The purpose of the program is stabilization, liquidity support and market efficiency, to obtain a securities portfolio ("securities stock") to be used for any extraordinary transactions, including exchanges of equity investments with other parties, including any bonds convertible into company shares or bonds with warrants, and dividends in shares. The authorization is valid for 18 months. As of March 30, 2023, the company had 22,060,125 ordinary shares in issue of which As of April 28, 2023, the company had 1,033,043 are treasury shares.
On May 15, 2023, the company announced a share repurchase program. Under the program, the company will repurchase 2,000,000 shares, representing 9.1% of its issued share capital for €26 million. The company will subsequently dispose the bought shares. The repurchase program is valid for 18 months.
Fine Foods & Pharmaceuticals NTM SpA, formerly Innova Italy 1 SpA, is an Italy-based pharmaceutical company. It is specialized in the manufacturing of pharmaceutical products for third parties. The Company manages three segments: Pharmaceuticals, Nutraceuticals and Medical Devices. The Pharmaceuticals segment includes powders and granules, tablets, coated tablets and hard gelatin capsules, packaged in sachets, blisters and bottles. The Nutraceuticals segment includes soluble and effervescent powders and granules, soluble, effervescent and chewable tablets, coated tablets and hard gelatin capsules packaged in bags, sachets, sticks, jars, tablet bottles, blisters and strips. The Medical Devices segment includes tablets, capsules, powders, granules and cover the areas for gastrointestinal, oral and throat treatment and the weight management. Medical Devices marked CE (European Conformity) are available for licensing.
Fine Foods & Pharmaceuticals N.T.M. S.p.A. (BIT: FF) commences an Equity Buyback Plan for 20% of its issued share capital,under the authorization approved on May 9, 2023.
FINE FOODS & PHARMACEUTICALS N.T.M. S.P.A. 
