Comer Industries S.p.A. commences an Equity Buyback Plan for 2,867,809 shares, representing 10% of its issued share capital, under the authorization approved on November 16, 2023.
November 27, 2023 at 12:43 pm
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Comer Industries S.p.A. (BIT:COM) commences share repurchases on November 20, 2023, under the program authorized by shareholders in the Ordinary General Meeting held on November 16, 2023. As per the mandate, the company is authorized to repurchase up to 2,867,809 shares, representing 10% of its issued share capital. The repurchase price should not deviate more or less than 15% from the reference price that the stock will have recorded in the stock market session of the day before each individual operation. The shares will be repurchased such that the holding of company's shares do not exceed 10% of its issued share capital. The purpose of the program is to regularize the progress of negotiations and prices and to support the liquidity of the security on the market, to conserve shares for subsequent use, to service future compensation and incentive plans based on financial instruments and reserved for the directors and employees of the Company and/or the companies directly or indirectly controlled by it, to use to service any future programs for the free assignment of shares to shareholders. The authorization will be valid for 18 months. As of October 17, 2023, the company had 28,678,090 issued shares.
On November 16, 2023, the company announced a share repurchase program. Under the first tranche, the company will repurchase up to 286,781 shares, representing 1% of is share capital for ?10 million. The repurchases under the tranche will commence from November 20, 2023, and will run through May 20, 2024.
Manufactures mechanical products. The Company designs and produces engineering systems and mechatronic solutions for power transmission. The Company provides mechatronics for various agricultural applications, such as land preparation machines, soil tillage machines, fertilizing machines, irrigation and crop treatment equipment, forage harvesting, processing and distribution machines, combined harvesters and self-propelled machines, harvesting machines, lawn and garden equipment, and forestry equipment. Comer Industries offers power transmission systems used in various applications, including concrete mixers, cranes, front loaders, forklift trucks, dumpers, mini excavators. The Company was founded in 1970 and is headquartered in Reggiolo , Italy.
Comer Industries S.p.A. commences an Equity Buyback Plan for 2,867,809 shares, representing 10% of its issued share capital, under the authorization approved on November 16, 2023.