Legrand Signs Share Buyback Agreement

Rhea-AI Summary

Legrand has initiated a share buyback program, having signed a contract for the first tranche of up to €80 million. This buyback period will commence on March 31, 2023, concluding by May 19, 2023. The shares acquired will be canceled, effectively reducing the total outstanding shares and enhancing shareholder value.

Key upcoming financial dates include May 4, 2023 for the first-quarter results and the General Meeting of Shareholders on May 31, 2023. Legrand reported sales of €8.3 billion in 2022 and is listed on Euronext Paris as a component of the CAC 40.

Positive

• Initiation of a share buyback program amounting to €80 million, which may boost shareholder value.
• Reduction of outstanding shares through cancellation of repurchased shares, possibly increasing earnings per share (EPS).
• Legrand's strong sales performance with €8.3 billion in 2022 reflects solid market position.

Negative

• None.

LIMOGES, France--(BUSINESS WIRE)-- Regulatory News:

As part of its share buyback program¹, and under the authorization granted by the Ordinary and Extraordinary General Meeting of Shareholders of May 25, 2022², Legrand (Paris:LR) today announced the signing of a contract with an investment services provider to implement a first tranche for up to €80m.

The purchase period agreement is expected to begin on March 31, 2023 and end on or before May 19, 2023. Those shares will be cancelled.

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Key financial dates

• 2023 first-quarter results: May 4, 2023
  “Quiet period³” starts April 4, 2023

• General Meeting of Shareholders: May 31, 2023
• Ex-dividend date: June 2, 2023
• Dividend payment: June 6, 2023
• 2023 first-half results: July 31, 2023
  “Quiet period¹” starts July 1, 2023

About Legrand

Legrand is the global specialist in electrical and digital building infrastructures. Its comprehensive offering of solutions for commercial, industrial and residential markets makes it a benchmark for customers worldwide. The Group harnesses technological and societal trends with lasting impacts on buildings with the purpose of improving life by transforming the spaces where people live, work and meet with electrical, digital infrastructures and connected solutions that are simple, innovative and sustainable. Drawing on an approach that involves all teams and stakeholders, Legrand is pursuing its strategy of profitable and responsible growth driven by acquisitions and innovation, with a steady flow of new offerings—including products with enhanced value in use (faster expanding segments: datacenters, connected offerings and energy efficiency programs). Legrand reported sales of €8.3 billion in 2022. The company is listed on Euronext Paris and is notably a component stock of the CAC 40 and CAC 40 ESG indexes. (code ISIN FR0010307819).
https://www.legrandgroup.com

¹ For more information, see Legrand press release dated February 9, 2023.
² The average price per share may not exceed the maximum price of 150 euros.
³ Period of time when all communication is suspended in the run-up to publication of results.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20230330005526/en/

Investor relations

Legrand

Ronan Marc

Tel: +33 (0)1 49 72 53 53

ronan.marc@legrand.com

Press relations

TBWA Corporate

Tiphaine Raffray

Mob: +33 (0)6 58 27 78 98

tiphaine.raffray@tbwa-corporate.com

Source: Legrand

FAQ

What is the purpose of Legrand's share buyback program announced on March 30, 2023?

The share buyback program aims to enhance shareholder value by repurchasing shares, which will be canceled.

When does the buyback period for Legrand start and end?

The buyback period starts on March 31, 2023, and ends on or before May 19, 2023.

What is the maximum amount Legrand is spending on the share buyback program?

Legrand is authorized to spend up to €80 million on the share buyback program.

How could the share buyback affect Legrand's stock price?

The share buyback could lead to an increase in Legrand's stock price by reducing the number of outstanding shares and potentially increasing earnings per share.