Grupo Aeroportuario del Pacifico Announces Upcoming Proposals for the Shareholders’ Meeting

Rhea-AI Summary

Grupo Aeroportuario del Pacífico (PAC) announced a capital reduction distribution worth up to Ps. 2 billion at the upcoming Shareholders Meeting. Additionally, the company plans to propose a new share repurchase program of up to Ps. 3 billion for 2021. The company will also seek to cancel 35,424,453 shares, or 6.3% of authorized shares, that are held in treasury due to prior repurchases. These moves reflect the company’s efforts to enhance shareholder value amidst current market conditions.

Positive

• Announcement of a capital reduction distribution of up to Ps. 2 billion to shareholders.
• Introduction of a new share repurchase program with a maximum amount of Ps. 3 billion for 2021.
• Cancellation of 35,424,453 treasury shares, improving share value.

Negative

• None.

GUADALAJARA, Mexico, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Grupo Aeroportuario del Pacífico, S.A.B. de C.V., (NYSE: PAC; BMV: GAP) (the “Company” or “GAP”) announced that, in accordance with the approvals set by the Board of Directors, the Company will present for consideration at the Shareholders Meeting a shareholder distribution, which will be made through a capital reduction for up to Ps. 2 billion, payable in the next 12 months.

The Company also will propose a new maximum amount for the repurchase of shares for up to Ps. 3 billion for 2021, as well as the cancelation of 35,424,453 shares (6.3% of authorized shares), that are currently held in treasury as a result of repurchases in prior periods.

Company Description
Grupo Aeroportuario del Pacífico, S.A.B. de C.V. (GAP) operates 12 airports throughout Mexico’s Pacific region, including the major cities of Guadalajara and Tijuana, the four tourist destinations of Puerto Vallarta, Los Cabos, La Paz and Manzanillo, and six other mid-sized cities: Hermosillo, Guanajuato, Morelia, Aguascalientes, Mexicali and Los Mochis. In February 2006, GAP’s shares were listed on the New York Stock Exchange under the ticker symbol “PAC” and on the Mexican Stock Exchange under the ticker symbol “GAP”. In April 2015, GAP acquired 100% of Desarrollo de Concesiones Aeroportuarias, S.L., which owns a majority stake in MBJ Airports Limited, a company operating Sangster International Airport in Montego Bay, Jamaica. In October 2018, GAP entered into a concession agreement for the operation of the Norman Manley International Airport in Kingston, Jamaica and took control of the operation in October 2019.

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management’s current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words “anticipates”, “believes”, “estimates”, “expects”, “plans” and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

In accordance with Section 806 of the Sarbanes-Oxley Act of 2002 and article 42 of the “Ley del Mercado de Valores”, GAP has implemented a “whistleblower” program, which allows complainants to anonymously and confidentially report suspected activities that June involve criminal conduct or violations. The telephone number in Mexico, facilitated by a third party that is in charge of collecting these complaints, is 01 800 563 00 47. The web site is www.lineadedenuncia.com/gap. GAP’s Audit Committee will be notified of all complaints for immediate investigation.

IR Contacts:
Saúl Villarreal, Chief Financial Officer	svillarreal@aeropuertosgap.com.mx
Alejandra Soto, IR and Financial Planning Manager	asoto@aeropuertosgap.com.mx
Gisela Murillo, Investor Relations	gmurillo@aeropuertosgap.com.mx / +523338801100 ext. 20294
Maria Barona, i-advize Corporate Communications	mbarona@i-advize.com

FAQ

What is the capital reduction announced by PAC?

Grupo Aeroportuario del Pacífico announced a capital reduction distribution worth up to Ps. 2 billion during the Shareholders Meeting.

How much is PAC planning to spend on share repurchases in 2021?

PAC plans to propose a new maximum share repurchase amount of up to Ps. 3 billion for 2021.

How many shares is PAC planning to cancel?

PAC plans to cancel 35,424,453 shares, which represents 6.3% of its authorized shares.

When will the shareholder distribution take place?

The shareholder distribution of up to Ps. 2 billion is expected to be payable within the next 12 months.