Racing Force S.p.A. Launches €250,000 Share Buyback Program

Racing Force S.p.A. initiates a share buyback program to purchase up to 20% of its share capital, worth up to €250,000, from May 15, 2024, to October 29, 2025. The program aims to support liquidity and enhance shareholder value.

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Nitish Verma
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Racing Force S.p.A. Launches €250,000 Share Buyback Program

Racing Force S.p.A. Launches €250,000 Share Buyback Program

Racing Force S.p.A. (RFG), the parent company of Racing Force Group, has initiated a share buyback program effective May 15, 2024, and expiring October 29, 2025. The program, approved by shareholders on April 29, 2024, allows for the purchase of up to 20% of the company's share capital, worth up to €250,000, on the Euronext Growth multilateral trading system in Milan and Paris.

Why this matters: This move reflects the company's confidence in its business prospects and its commitment to efficient capital allocation, which can have a positive impact on the overall market sentiment. Additionally, it may set a precedent for other companies to consider similar share buyback programs, potentially influencing the broader economic landscape.

The buyback will be carried out in one or more tranches, with the purchase price neither lower nor higher by more than 15% compared to the reference price recorded in the last trading session preceding each individual operation. The program aims to support liquidity, allow efficient use of the company's liquidity for medium- and long-term investment, and use shares in connection with management operations or projects consistent with Racing Force's strategic guidelines.

The first tranche of the program will run from May 15, 2024, to December 31, 2024, for a maximum amount of €250,000. Equita SIM S.p.A. has been appointed as the intermediary to coordinate and execute the program independently. Racing Force will promptly disclose any subsequent changes to the program in accordance with applicable regulations.

As of the date of the press release, Racing Force S.p.A. does not hold any own shares in its portfolio. The operations carried out will be subject to market disclosure in accordance with current regulatory provisions.

The share buyback program reflects Racing Force's confidence in its business prospects and commitment to efficient capital allocation. By repurchasing its own shares, the company aims to enhance shareholder value and maintain flexibility for potential strategic transactions in the future.

Key Takeaways

  • Racing Force S.p.A. initiates share buyback program effective May 15, 2024.
  • Program allows purchase of up to 20% of company's share capital, worth €250,000.
  • Buyback aims to support liquidity, efficient capital allocation, and strategic projects.
  • First tranche runs from May 15, 2024, to December 31, 2024, for €250,000.
  • Program reflects company's confidence in business prospects and commitment to shareholder value.