Ageas announces new share buy-back programme
August 07 2019 - 1:20AM
Ageas announces new share buy-back programme
Ageas announces the decision of the
Board of Directors to initiate a new share buy-back programme of
its outstanding common stock for an amount of EUR 200 million. This
follows the shareholders’ authorisation granted in May 2019. The
share buy-back programme will start on 19 August 2019 and will run
up to 5 August 2020.
This programme, which is the ninth consecutive
one for Ageas, will be implemented in accordance with industry best
practices and in compliance with the applicable buy-back rules and
regulations. To this end, Ageas will mandate an independent broker
to execute the programme through open market purchases on its
behalf on Euronext Brussels.
The bought back shares will be held as treasury
shares. Ageas will propose to its shareholders their cancellation,
excluding the shares needed to cover share-plans granted to senior
management. The share buy-back will not affect the solvency
position of the insurance operations.
Ageas will keep the market fully informed of the
progress of the transaction in line with applicable
regulations.
Ageas is a listed international
insurance Group with a heritage spanning almost 200 years. It
offers Retail and Business customers Life and Non-Life insurance
products designed to suit their specific needs, today and tomorrow.
As one of Europe's larger insurance companies, Ageas concentrates
its activities in Europe and Asia, which together make up the major
part of the global insurance market. It operates successful
insurance businesses in Belgium, the UK, France, Portugal, Turkey,
China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia,
Singapore, and the Philippines through a combination of wholly
owned subsidiaries and long term partnerships with strong financial
institutions and key distributors. Ageas ranks among the market
leaders in the countries in which it operates. It represents a
staff force of over 45,000 people and reported annual inflows of
over EUR 34 billion in 2018 (all figures at 100%).
- Pdf version of the press release
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