International Cons Airlines Group Share purchase programme (8312Y)
May 09 2023 - 8:43AM
UK Regulatory
TIDMIAG
RNS Number : 8312Y
International Cons Airlines Group
09 May 2023
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. ("IAG" or the
"Company") announces that, in accordance with the authorisation
granted by the Annual General Shareholders' Meeting held on 16 June
2022, it will undertake a share purchase programme (the
"Programme") for the purposes of hedging its requirement to deliver
shares to Globalia as part of the consideration for its proposed
acquisition of the remaining 80 per cent. of the issued share
capital of Air Europa.
As announced on 24 February 2023, the proposed acquisition of
Air Europa is subject to regulatory and other approvals. If the
proposed acquisition is not completed, the shares purchased under
the Programme alternatively may be used to satisfy share awards to
executives and employees (including executive directors) made under
the IAG share-based incentive plans.
Deutsche Bank Aktiengesellschaft ("Deutsche Bank") has been
engaged to implement the Programme. Deutsche Bank (and/or its
delegates) will make the share purchases on the Company's behalf
and make all trading decisions independently of, and uninfluenced
by, the Company.
The Programme will have the following characteristics:
a) Regulated market: the shares will be purchased on both the
London Stock Exchange and the Spanish Stock Exchanges (each an
"Exchange").
b) Maximum pecuniary amount allocated to the programme: EUR55,000,000.
c) Maximum number of shares to be acquired: up to 27,000,000
ordinary shares, which represent 0.5 per cent. of the Company's
share capital as of today's date (9 May 2023).
d) Maximum consideration per share: the shares will be purchased
at a maximum price of the higher of the price of the last
independent trade and the highest then current independent purchase
bid on the Exchange where the purchase is carried out.
e) Maximum volume per trading session: no more than 25 per cent.
of the average daily volume of the shares traded on the Exchange in
the 20 trading days immediately preceding the date of purchase.
f) Duration: The Programme will start on 9 May 2023 and end no
later than 14 June 2023, unless terminated by the Company or
Deutsche Bank in the event of any circumstance that so advises or
requires.
Shares purchased under the Programme will be held in
treasury.
Nicholas Cadbury
Chief Financial Officer
9 May 2023 LEI: 959800TZHQRUSH1ESL13
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END
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