Afya Limited Announces Share Buyback Program
December 23 2020 - 5:13PM
Afya Limited, or Afya (Nasdaq: AFYA), today announced that its
Board of Directors has approved a share buyback program. Under the
share buyback program, Afya may repurchase up to 1,015,844 of its
outstanding Class A common shares in the open market, based on
prevailing market prices, or in privately negotiated transactions,
over a period beginning on December 24, 2020 continuing until the
earlier of the completion of the repurchase or December 31, 2021,
depending upon market conditions.
The share repurchases may be made from time to
time through open market transactions and are subject to market and
business conditions, levels of available liquidity, cash
requirements for other purposes, regulatory, and other relevant
factors.
The share buyback program will take place in
accordance with the conditions established by the Board of
Directors on 16 December 2020. Afya intends to repurchase the
shares to execute the Stock Option Program for the executives of
the company. Afya’s Board of Directors will review the share
buyback program periodically and may authorize adjustments to its
terms and size or suspend or discontinue the program. Afya expects
to utilize its existing funds to fund repurchases made under this
program.
The Board of Directors of Afya also authorized
management to appoint BofA Securities, Inc. as its agent to
purchase Securities on its behalf in the open market. It is Afya’s
intention such purchases benefit from the safe harbor provided by
Rule 10b-18 (“Rule 10b-18”) promulgated by the Securities and
Exchange Commission (the “SEC”) under the Securities Exchange Act
of 1934, as amended (the “Exchange Act”). Accordingly, Afya
shall not take, nor permit any person or entity under its control
to take, any action that could jeopardize the availability of Rule
10b-18 for purchases of Securities under the program.
About Afya: Afya is a leading
medical education group in Brazil based on number of medical school
seats, delivering an end-to-end physician-centric ecosystem that
serves and empowers students and physicians to transform their
ambitions into rewarding lifelong experiences from the moment they
join us as medical students through their medical residency
preparation, graduation program, continuing medical education
activities and offering digital products to help doctors enhance
their healthcare services through their whole career.
Contact: Investor Relations: ir@afya.com.br
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