The Board of Directors of Oeneo Group decided to authorize the Managing Director of the Company to implement a share buyback program. Under this authorization, an agreement was entered into with an investment service provider to buy back Oeneo's shares.
The agreement concerns up to 2,000,000 shares, representing 3.07% of Oeneo's share capital, in accordance with the conditions set out in the 19th resolution adopted by the Shareholders' Meeting of September 14, 2020.
The buyback program is intended to enable the following operations, in descending order of priority:
- 1. Meet the requirements arising from programs for the allocation of free shares to employees and/or corporate officers of the company and/or of affiliated companies;
- 2. Reduce the share capital by canceling treasury shares;
- 3. Meet the requirements arising from securities granting access to the share capital.
Shares can be bought back under the agreement for a 12-month period as of today. Oeneo reserves the right to interrupt the share buyback program at any time, which will not affect the performance of the liquidity agreement entered into by the Company.
The details of the share buyback program, provided on page 201 of Oeneo's Annual Report filed with the French Financial Markets Authority (Autorité des marchés financiers) on July 27, 2020, and the related resolutions are available on the Company's website, www.oeneo.com.
About OENEO Group
Oeneo Group is a major wine industry player with high-end and innovative brands. Present around the world, the Group covers each stage in the winemaking process through two core and complementary divisions:
- Closures, involving the manufacture and sale of cork closures, including high value?added technological closures through its Diam and Pietec ranges.
- Winemaking, providing high-end solutions in winemaking and spirits for leading market players through its cooperage brands Seguin Moreau, Boisé, Millet, Fine Northern Oak and Galileo, and developing innovative solutions for the wine industry with Vivelys (R&D, consulting, systems).
Oeneo prides itself in offering solutions in the production, maturing, preservation and enhancement of wines or spirits that faithfully convey all of the emotion and passion of each winegrower and improve their performance.
WE CARE ABOUT YOUR WINE
INFORMATION AND PRESS RELATIONS
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https://www.actusnews.com/documents_communiques/ACTUS-0-69195-cp-oeneo-prachat-actions-2021_eng.pdf
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