PARIS: Technip Energies, a leading Engineering & Technology company for the Energy Transition, has launched a share buy-back program of up to €100 million, with the aim of returning capital to shareholders and fulfilling its obligations under equity compensation plans, a company announcement noted.
The program, which will run until December 31, 2024, will allow the company to acquire up to 5 million shares, representing about 2.8 percent of its issued share capital. The company will use up to €70 million to purchase common shares for cancellation and up to €30 million to fulfill its obligations under equity compensation plans.
The program was approved by the company’s Board of Directors and will be carried out in compliance with the Market Abuse Regulation and the Commission Delegated Regulation. It will also be subject to the authorization to repurchase shares granted by the company’s shareholders at the Annual General Meetings in 2023 and 2024.
The company will appoint a broker to execute the program independently, in accordance with all applicable regulations and limits on prices and volumes. The price paid for any share repurchased will be subject to a maximum amount equal to the greater of the price of the last independent trade and the highest current independent purchase bid on the regulated market of Euronext Paris.
The actual timing, number and value of shares repurchased will depend on a number of factors, including market conditions, general business conditions and applicable legal requirements. The company is not obligated to carry out the program, and may suspend or discontinue it at any time, for any reason and without previous notice. All repurchased shares will be held as treasury stock unless cancelled.