Ageas announces the decision of the Board of Directors to initiate a new share buy-back programme[1] of its outstanding common stock for an amount of EUR 200 million[2]. This follows the shareholders' authorisation granted in May 2018.
The share buy-back programme will start on 13 August 2018 and will run up to 2 August 2019.
This programme will be implemented in accordance with industry best practices and in compliance with the applicable buy-back rules and regulations. To this end, Ageas will mandate an independent broker to execute the programme through open market purchases on its behalf on Euronext Brussels.
The bought back shares will be held as treasury shares. Ageas will propose to its shareholders their cancellation, excluding the shares needed to cover share-plans granted to senior management. The share buy-back will not affect the solvency position of the insurance operations.
Ageas will keep the market fully informed of the progress of the transaction in line with applicable regulations.
Ageas is a listed international insurance Group with a heritage spanning 190 years. It offers Retail and Business customers Life and Non-Life insurance products designed to suit their specific needs, today and tomorrow. As one of Europe's larger insurance companies, Ageas concentrates its activities in Europe and Asia, which together make up the major part of the global insurance market. It operates successful insurance businesses in Belgium, the UK, Luxembourg, France, Portugal, Turkey, China, Malaysia, India, Thailand, Vietnam, Laos, Cambodia, Singapore, and the Philippines through a combination of wholly owned subsidiaries and long term partnerships with strong financial institutions and key distributors. Ageas ranks among the market leaders in the countries in which it operates. It represents a staff force of over 50,000 people and reported annual inflows close to EUR 34 billion in 2017 (all figures at 100%).
[1] Ageas has informed the National Bank that this operation can be considered as non-strategic, according to article 36/3 §2 of the law of 22 February 1998 determining the statute of the National Bank of Belgium.
[2] Currently, Ageas owns approximately 3.29% of its own shares. The maximum buy-back of 10% of issued share capital authorized by the shareholders will not be exceeded.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Ageas via Globenewswire
