FERRARI N.V.: COMPLETION OF THE FIRST TRANCHE AND ANNOUNCEMENT OF THE SECOND TRANCHE OF THE MULTI-YEAR SHARE REPURCHASE PROGRAM
December 01 2022 - 1:55PM
Maranello (Italy), December 1, 2022
– Ferrari N.V. (NYSE/EXM: RACE) (“Ferrari” or the
“Company”) informs that the Company has purchased,
under the Euro 150 million share buyback program announced on June
30, 2022, as the initial tranche of the multi-year share buyback
program of approximately Euro 2 billion expected to be executed by
2026 in line with the disclosure made during the 2022 Capital
Markets Day (the “First Tranche”), the additional
common shares - reported in aggregate form, on a daily basis - on
the Euronext Milan (EXM) and on the New York Stock Exchange (NYSE)
as follows:
|
EXM |
NYSE |
Total |
Trading |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Consideration excluding fees |
Number of common shares purchased |
Average price per share |
Consideration excluding fees |
Date |
excluding fees |
|
excluding fees |
|
|
excluding fees |
|
(d/m/y) |
(€) |
(€) |
($) |
($) |
(€)* |
(€)* |
(€)* |
|
|
|
|
|
|
|
|
28/11/2022 |
2,325 |
209.8319 |
487,859.17 |
6,900 |
217.2363 |
1,498,930.47 |
1,432,601.04 |
9,225 |
208.1800 |
1,920,460.21 |
29/11/2022 |
2,340 |
208.3664 |
487,577.38 |
4,084 |
215.8307 |
881,452.58 |
850,330.48 |
6,424 |
208.2671 |
1,337,907.86 |
30/11/2022 |
2,313 |
210.4785 |
486,836.77 |
- |
- |
- |
- |
2,313 |
210.4785 |
486,836.77 |
|
6,978 |
209.5548 |
1,462,273.32 |
10,984 |
216.7137 |
2,380,383.05 |
2,282,931.52 |
17,962 |
208.5071 |
3,745,204.84 |
Total |
|
(*) translated at the European Central Bank
EUR/USD exchange reference rate as of the date of each purchase
With the purchases described above the Company
has completed the First Tranche of the program announced on June
30, 2022.
The total consideration for such First Tranche
of the program was:
- Euro 119,999,801.43 for No. 618,880 common shares purchased on
the EXM
- USD 30,047,816.61 (Euro 29,999,832.02*) for No. 151,491 common
shares purchased on the NYSE.
As of November 30, 2022, the Company held in
treasury No. 11,835,481 common shares equal to 4.60% of the total
issued share capital including the common shares and the special
voting shares, net of shares assigned under the Company’s equity
incentive plan.
A comprehensive overview of the transactions
carried out under the buyback program, as well as the details of
the above transactions, are available on Ferrari’s corporate
website under the Buyback Programs section
(https://www.ferrari.com/en-EN/corporate/buyback-programs).
The Company intends to continue its already
disclosed multi-year share buyback program with a second tranche of
up to Euro 200 million to start on December 2, 2022 (the
“Second Tranche”) and to end no later than June
26, 2023 with two components:
- Firstly, Ferrari has entered into a non-discretionary buyback
agreement for an amount up to Euro 160 million to be executed on
the EXM market through a primary financial institution (the
“Bank”). The Bank will make its trading decisions
concerning the timing of the purchases of Ferrari’s common shares
independently of and uninfluenced by Ferrari and it will act in
compliance with applicable rules and regulations as well as in
accordance with the provisions of the Market Abuse Regulation
596/2014 and the Commission Delegated Regulation (EU) 2016/1052
(the “Regulations”). Under this agreement
purchases may continue during any closed periods of Ferrari in
accordance with the Regulations.
- Secondly, Ferrari has entered into an additional mandate with a
primary financial institution for up to Euro 40 million to be
executed on the NYSE. Pursuant to such mandate Ferrari would
provide the financial institution with purchase instructions from
time to time in compliance with applicable rules, regulations and
legal requirements. The actual timing, number and value of common
shares repurchased on the NYSE will depend on a number of factors,
including market and general business conditions.
Also the Second Tranche, like the First Tranche,
implements the resolution adopted by the Shareholders’ Meeting
(held on April 13, 2022) and duly communicated to the market, which
authorized the purchase of up to 10% of the Company’s common shares
during the eighteen-month period following such Shareholders’
Meeting. The repurchase authority will expire on October 12, 2023
or until such authority is extended or renewed before such
date.
Details of the repurchase transactions carried
out under the Second Tranche shall be disclosed to the market as
required by applicable regulation.
- FNV BB PR 1 December 2022 ENG
Ferrari NV (BIT:RACE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ferrari NV (BIT:RACE)
Historical Stock Chart
From Apr 2023 to Apr 2024