Ferrari N.V.: Announcement of the Fourth Tranche of the Multi-Year Share Repurchase Program
November 07 2023 - 9:24AM
Maranello (Italy), November 7,
2023 – Ferrari N.V. (NYSE/EXM: RACE)
(“Ferrari” or the “Company”)
announces its intention to continue its multi-year share buyback
program of approximately Euro 2 billion expected to be executed by
2026 in line with the disclosure made during the 2022 Capital
Markets Day, with a fourth tranche of up to Euro 350 million to
start on November 8, 2023 (“Fourth Tranche”) and
to end no later than June 26, 2024 with two components:
- Firstly, Ferrari has entered into a
non-discretionary buyback agreement for an amount up to Euro 250
million to be executed on the EXM market through a primary
financial institution (the “Bank”). The Bank will
make its trading decisions concerning the timing of the purchases
of Ferrari’s common shares independently of and uninfluenced by
Ferrari and it will act in compliance with applicable rules and
regulations, including the provisions of the Market Abuse
Regulation 596/2014 and the Commission Delegated Regulation (EU)
2016/1052 (the “Regulations”). Under this
agreement, purchases may continue during any closed periods of
Ferrari in accordance with the Regulations.
- Secondly, Ferrari has entered into
an additional mandate with a primary financial institution
whereunder Ferrari intends to instruct repurchases of shares for up
to Euro 100 million to be executed on the NYSE. Pursuant to such
mandate Ferrari would provide the financial institution with
purchase instructions from time to time in compliance with
applicable rules, regulations and legal requirements. The actual
timing, number and value of common shares repurchased on the NYSE
will depend on a number of factors, including market and general
business conditions.
By means of the previous three tranches of the
mentioned multi-year share buyback program executed until October
20, 2023, the Company has purchased a total of 2,334,284 own common
shares on EXM and NYSE, including transactions for Sell to Cover,
for a total consideration of Euro 559,196,761.15.
The Fourth Tranche implements the resolution
adopted by the Shareholders’ Meeting (held on April 14, 2023) and
duly communicated to the market, which authorized the purchase of
up to 10% of the Company’s common shares during the eighteen-month
period following such Shareholders’ Meeting. The repurchase
authority will expire on October 13, 2024 or until such authority
is extended or renewed before such date.
Details of the repurchase transactions carried
out under the Fourth Tranche shall be disclosed to the market as
required by applicable regulation.
About Ferrari Ferrari is among
the world’s leading luxury brands focused on the design,
engineering, production and sale of the world’s most recognizable
luxury performance sports cars. Ferrari brand symbolizes
exclusivity, innovation, state-of-the-art sporting performance and
Italian design. Its history and the image enjoyed by its cars are
closely associated with its Formula 1 racing team, Scuderia
Ferrari, the most successful team in Formula 1 history. From the
inaugural year of Formula 1 World Championship in 1950 through the
present, Scuderia Ferrari has won 243 Grand Prix races, 16
Constructors’ World titles and 15 Drivers’ World titles. Ferrari
designs, engineers and produces its cars in Maranello, Italy, and
sells them in over 60 markets worldwide.
Forward Looking Statements This
document contains forward-looking statements. These statements may
include terms such as “may”, “will”, “expect”, “could”, “should”,
“intend”, “estimate”, “anticipate”, “believe”, “remain”,
“continue”, “on track”, “successful”, “grow”, “design”, “target”,
“objective”, “goal”, “forecast”, “projection”, “outlook”,
“prospects”, “plan”, “guidance” and similar expressions.
Forward-looking statements are not guarantees of future
performance. Rather, they are based on the Ferrari Group’s
(hereinafter, the “Group”) current expectations and projections
about future events and, by their nature, are subject to inherent
risks and uncertainties. They relate to events and depend on
circumstances that may or may not occur or exist in the future and,
as such, undue reliance should not be placed on them. Actual
results may differ materially from those expressed in such
statements as a result of a variety of factors described in the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations of the
Group” in the Company’s annual and quarterly reports filed with the
U.S. Securities and Exchange Commission, which are available on
Ferrari’s website (https://www.ferrari.com/en-EN/corporate). Any
forward-looking statements contained in this document speak only as
of the date of this document and the Company does not undertake any
obligation to update or revise publicly forward-looking statements.
Further information concerning the Group and its businesses,
including factors that could materially affect the Company’s
financial results, is included in the Company’s reports and filings
with the U.S. Securities and Exchange Commission, the AFM and
CONSOB.
For further information:Media Relationstel.: +39 0536
949337Email: media@ferrari.com
- FNV BB PR 7 Nov. 2023 ENG Final
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