Patrimoine et Commerce SA commences an Equity Buyback Plan for 10% of its issued share capital, under the authorization approved on June 27, 2017.
May 07, 2018 at 01:00 pm EDT
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Patrimoine et Commerce SA (ENXTPA:PAT) commences share repurchases on April 30, 2018, under the program mandated by the shareholders in the Annual General Meeting held on June 27, 2017. As per the mandate, the company is authorized to repurchase up to 10% of its issued share capital. The shares will be repurchased at a price of €30 per share (excluding acquisition costs). The shares repurchased may be held for subsequent delivery of shares (in exchange, payment or otherwise) in connection with external growth transactions up to a limit of 5% of the number of shares making up the share capital, for the delivery of shares upon the exercise of rights attached to securities giving access to the capital by reimbursement, conversion, exchange, presentation of a warrant or in any other manner, for the allotment or transfer of shares in the context of the employees' participation in the fruits of the expansion or in view, in any permitted form, of the allocation or transfer of shares to employees and / or corporate officers of the company and / or its group in particular for any stock option plan or under company or group savings plans or free allocations, the cancellation of all or part of the shares thus purchased and the animation of the secondary market or the liquidity of the company's shares by an investment services provider in the context of liquidity agreement. The repurchase program is valid for 18 months or until December 27, 2018.
Patrimoine et Commerce is a real estate company that owns a portfolio of assets, mainly consisting of retail space located in commercial parks near medium-sized cities.
At the end of 2023, the property portfolio, consisting of 76 assets with a total leasable area of approximately 528,000 m2, amounted, in market value (excluding transfer taxes), to EUR 842.8 million, broken down by type of assets between retail parks (99.7%), shopping malls, offices and business property (0.3%).