7-Mar-2017 11:58 AM

IAG to commence EUR500m share buyback programme

International Airlines Group (IAG) agreed (06-Mar-2017) on the terms of a EUR500 million share buyback programme, to be undertaken according to authorisation by the AGM on 16-Jun-2016. IAG appointed Deutsche Bank to implement the programme and make share purchases on IAG's behalf. The programme requirements include:

  • Reduction of the capital of the company;
  • Shares to be purchased on both London Stock Exchange and Spanish Stock Exchange;
  • EUR500 million to be the maximum amount allocated to the programme;
  • Maximum number of shares to be acquired is up to 190 million;
  • No more than 25% of the average daily volume of the shares traded on the relevant exchange in the 20 trading days preceding purchase;
  • Shares are to be purchased at a maximum price of the higher price of last independent trade and the highest independent purchase bid on relevant exchange.

The share buyback programme is to commence on 06-Mar-2017 and end on 29-Dec-2017. [more - original PR]

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