Bekaert announces today that it will commence the third tranche of its €120 million buyback program which was previously announced on 25 February 2022 (the Program) for a total maximum consideration of up to € 30 million (the Third Tranche).
Bekaert completed the second tranche of the Program on 22 July 2022. In aggregate, between 11 May 2022 and 22 July 2022, the company repurchased 864 817 ordinary shares for an aggregate consideration of € 30 million. Under the initial tranche of the Program the company repurchased 766 295 ordinary shares for an aggregate consideration of € 27.3 million.
It is intended that, subject to market conditions, the Third Tranche will be completed by the announcement of the company’s third quarter trading update 2022, as scheduled on 18 November 2022.
Bekaert has appointed Kepler Cheuvreux SA as independent intermediary to repurchase the shares on its behalf and to make trading decisions under the Third Tranche independently of Bekaert.
As announced previously, the purpose of the Program is to reduce the issued share capital of the company and all shares repurchased as part of this arrangement will be cancelled. The shares repurchased under the Program through 28 June 2022, being 1 449 409 treasury shares in total, were cancelled on 29 June 2022.
During the Third Tranche of the Program, Bekaert will regularly publish press releases with updates on the progress made, as required by law. This information will also be available on the investor relations pages of our website. Any further tranches of the Program, which may be conducted after completion of the Third Tranche, will be announced in due course.