The board of directors of Faes Farma has approved a program to repurchase its own shares for up to 25 million euros in order to reduce the share capital through the amortization of the acquired titles.

As reported by the pharmaceutical company to the National Securities Market Commission (CNMV) this Friday, the ultimate purpose of this capital reduction is to contribute to shareholder remuneration by increasing profit per share.

The maximum number of shares to be acquired in this program will be slightly more than 5.4 million shares, representing approximately 1.69% of the company’s share capital, including for the purposes of this calculation the new shares issued as consequence of the capital increase of the company formalized on April 28.

The maximum price per share may not be higher than the highest price of the last independent transaction or the highest independent offer at that time in the trading centers where the purchase is made.

Faes Farma has specified that it will not buy on any trading day more than 25% of the average daily volume traded during the twenty trading days prior to the date of each purchase.

This repurchase program will be valid for nine months, remaining in effect until February 4, 2024.

However, the board of directors reserves the right to terminate it before that date if it has fulfilled its purpose and, in particular, if it has acquired the maximum authorized number of shares or shares for an acquisition price that reaches the maximum monetary amount of 25 million fixed for the program

The buyback program will be managed by Norbolsa, who will carry out the acquisitions of shares on behalf of the company and will make all purchase decisions independently.