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08 Feb 2019 11:11
BFF Banking Group announces the launch of a share buy-back plan

Milan, February 8th, 2019 – BFF Banking Group (the “Bank” or “BFF Group”) announces that today the Board of Directors has approved the start of the buy-back plan according to article 5 of EU Regulation n° 596/2014, pursuant to the resolution of Shareholders’ Meeting of April 5th, 2018, following the authorization received by Bank of Italy. The plan allows the Bank to purchase a maximum of 390,000 BFF ordinary shares, corresponding to 0.23% of the total outstanding shares, for a maximum amount in cash allocated to the plan equal to Euro 1,680,000.

According to the EU Regulation n° 2016/1052, the details of the buy-back plan are outlined below.

Purposes of the plan

The plan aims at providing the Bank of a stock of financial instruments necessary to fulfil the obligations provided by the remuneration and incentive systems “Remuneration and incentive policy in favour of the members of the strategic supervisory, management and control bodies, and the Banca Farmafactoring banking group’s personnel” of BFF Group.

Maximum amount of cash allocated to the plan and payment limits

The maximum amount in cash allocated to the plan is equal to Euro 1,680,000.

Purchases will be executed at price conditions in compliance with article 3, paragraph 2, of the delegated EU Regulation n° 2016/1052 and, in any case, at a price per share neither higher nor lower than 20% of the closing price of BFF stock reported in the last trading day preceding every single transaction.

Maximum number of shares to be purchased

Purchases will involve a maximum of 390,000 ordinary shares (representing 0.23% of the total outstanding shares).

Plan length

The current shareholders’ authorization will end on October 5th, 2019, namely 18 months after the date of the related resolution.

Methods of purchases execution

The plan will be coordinated by Mediobanca S.p.A., an authorized intermediary that will execute the purchases with complete independence, according to article 4, paragraph 2, letter b) of the EU Regulation n° 2016/1052.

The purchases will be made, also in multiple tranches, in compliance with the current Regulation of the markets organised and managed by Borsa Italiana S.p.A. and with the related Instructions, in order to ensure the equal treatment of shareholders, also according to article 132 of Italian Legislative Decree n° 58/1998, and with operating methods compliant with article 3 of the EU Regulation n° 2016/1052 and article 144-bis, paragraph 1, of the CONSOB Issuers Regulation n° 11971/1999.

Any following changes made to the plan will be promptly communicated to the market, using the methods and terms provided by current legislation.

The executed purchases will be communicated to the market using the terms and methods provided by current regulatory legislation.

At the present date BFF hold, directly or indirectly through subsidiaries, 41,552 treasury shares, representing 0.024% of total outstanding shares.