Link | Ferrovial announced on Friday that, in accordance with the authorisation granted by the General Shareholders’ Meeting of 11 April 2024, it has agreed to implement a share buyback programme, which will be executed in accordance with applicable law. The Programme will have the following characteristics:
Purpose: To buy back own shares of FER in the framework of different corporate actions (such as, for example, share incentives for employees, placement of shares onto the market, or redemption of shares bought back under the Programme).
Maximum net investment €300 million. The number of shares to be acquired shall not exceed 30 million, representing approximately 4.1% of the share capital as at the date of the announcement.
Price and volume conditions: Treasury shares will be acquired in accordance with the authorisation of the general meeting of the Company. FER will not purchase shares on the European markets at a price higher than the higher of: (a) the price of the last independent transaction; or (b) the highest independent bid at that time on the trading venues where the purchase is made. In terms of trading volume, the company shall not purchase on any trading day more than 25% of the average daily volume of the FER shares traded on the trading venue where the purchase takes place. The average daily volume of the company’s shares for the purposes of the above calculation shall be based on the average daily volume traded in the twenty (20) trading days preceding the date of each purchase. In the US market, FER will make purchases of shares in accordance with applicable US federal law.
Duration: The Programme has been authorised for the period from 26 August 2024 to 28 February 2025 (both inclusive), notwithstanding that the company may extend the date of its duration in view of the concurrent circumstances and in the interest of the company and its stakeholders. Furthermore, FER reserves the right to terminate the Programme if, prior to this period, it has acquired shares under the Programme for a price that reaches the maximum investment amount or the maximum number of shares authorised, or if any other circumstance so advises.
