(Boursier.com) — Authorization to purchase by Societe Generale of its own shares will be proposed to the Combined General Meeting of May 22 (22nd resolution). This description is established in accordance with the provisions of article 241-2-I of the General Regulations of the Financial Markets Authority.
-Distribution by objectives of shares held
As of May 16, 2024, at midnight, Société Générale held 3,823,838 of its own shares, representing 0.48% of its share capital.
-Objectives of the share buyback program
Société Générale proposes to the Combined General Meeting of May 22, 2024 to renew its authorization to buy back shares for the purposes of:
to allocate, cover and honor any free share allocation plan, employee savings plan and any other form of allocation for the benefit of employees and corporate officers of the Company or companies linked to it in the conditions defined by the applicable legal and regulatory provisions;
to cancel them, in accordance with the terms of the authorization of the Combined General Meeting of May 22, 2024 in its 30th resolution;
to deliver shares when exercising rights attached to securities giving access to the company’s capital;
to retain and subsequently remit shares as payment or exchange as part of the Group’s external growth operations such as merger, demerger or contribution operations;
to allow an investment service provider to trade in the Company’s shares within the framework of a liquidity contract in compliance with the regulations of the Financial Markets Authority.
-Maximum amount allocated to the share buyback program, maximum number and characteristics of shares to be acquired, maximum purchase price:
The resolution proposed to the General Meeting provides that Société Générale could acquire its ordinary shares for a volume of up to 10% of the capital on the date of completion of these purchases, it being remembered that, in accordance with the law, the number of shares held by Société Générale cannot exceed, at any time, 10% of the share capital.
On the basis of current capital, the Company could acquire, as part of the buyback program that the General Meeting is required to authorize, a maximum theoretical number of 80,297,994 shares representing 10% of the share capital.
The maximum purchase price would be set at 71 euros per share, i.e. a potential maximum amount allocated to the program of 5,701,157,574 euros. It is specified that this maximum amount is likely to change in the event of transactions affecting the share capital.
-Duration of the share buyback program
It is proposed to the Combined General Meeting of May 22, 2024 to set the duration of the authorization to purchase its own shares by the Company at 18 months from the Meeting, i.e. until November 22, 2025.
-Compliance with prudential requirements
The Board of Directors will ensure that the execution of these repurchases is carried out in compliance with prudential requirements, as set by regulations and by the European Central Bank.