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Azelis Launches Share Buyback Program 2023 Under Its Long-Term Incentive Plan
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
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Tags
buyback
Rhea-AI Summary
Azelis has announced the initiation of its Share Buyback Program 2023, effective from 20 March 2023. The program aims to buy back up to 150,000 ordinary shares for a total maximum of EUR 3,500,000. This buyback initiative is designed to cover future obligations under the Long-Term Incentive Plan (LTIP) established for directors and employees to align their interests with those of shareholders. The buyback will continue until 30 June 2023 or until the maximum shares are repurchased, with implementation conducted via an independent financial intermediary.
Positive
Initiation of a share buyback program enhances shareholder value.
Alignment of management interests with shareholders through LTIP.
Last year, Azelis (Brussels:AZE) launched a long-term incentive plan ("LTIP") for certain directors, employees and self-employed managers of the Azelis Group. The LTIP is intended to align the interests of the Azelis Group's management with those of its shareholders. To cover future obligations under the LTIP, Azelis now announces the initiation of the share buyback program 2023.
In accordance with article 7:215 of the Belgian Code of Companies and Associations, Azelis Group NV (the “Company”) announces the launch of a share buyback program, effective as of 20 March 2023 (the “Share Buyback Program 2023”). The buyback of Azelis ordinary shares under this program intends to cover future obligations under the LTIP of the Company, which was launched last year. The Company will buy back up to 150,000 shares under the Share Buyback Program 2023, for a total maximum amount of EUR 3,500,000. The Share Buyback Program 2023 starts on 20 March 2023 and will run until the earlier of 30 June 2023 or the date the maximum number of shares has been repurchased. It will be conducted under the terms and conditions of the shareholders' authorization granted in September 2021.
Any shares bought back under the program will be held as treasury shares.
The Share Buyback Program 2023 will be implemented in accordance with industry best practices and in compliance with the applicable rules and regulations. To this end, Azelis has mandated an independent financial intermediary to execute the program through open market purchases on its behalf on the basis of a discretionary mandate. The precise timing of the share buybacks will depend on a variety of factors including market conditions.
Azelis will keep the market regularly informed of the progress of the implementation of the program in line with applicable regulations.
About Azelis
Azelis is a leading global innovation service provider in the specialty chemical and food ingredients industry, present in 63 countries across the globe with over 3,800 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to more than 59,000 customers, supported by +2,700 principal relationships, creating a turnover of €4.1 billion (2022). Azelis Group NV is listed on Euronext Brussels under ticker AZE.
Across our extensive network of more than 60 application laboratories, our award-winning staff help develop formulations and provide technical guidance throughout the customers’ product development process. We combine a global market reach with a local footprint to offer a reliable, integrated, and unique digital service to local customers and attractive -business opportunities to principals. Top industry-rated by Sustainalytics, Azelis is a leader in sustainability. We believe in building and nurturing solid, honest and transparent relationships with our people and partners.
Impact through ideas. Innovation through formulation.
