Key Impact Points
- Share Buyback Program: 2.9 million shares to be repurchased, equivalent to 0.029% of Enel’s share capital.
- Financial Commitment: Estimated disbursement of €19.2 million based on current share prices.
- Sustainability Link: Repurchase price discount linked to achieving a GHG emissions intensity target of 125gCO2eq/kWh by 2026.
Program Overview
Enel has announced the launch of a share buyback program, approved by the Board of Directors and authorized by the Shareholders’ Meeting on May 23rd, 2024. The program aims to repurchase 2.9 million shares, representing approximately 0.029% of Enel’s share capital. The buyback will run from September 16th, 2024, to December 16th, 2024, and is designed to support the Long-Term Incentive Plan 2024 (LTI Plan 2024) for Enel’s management and subsidiaries.
Financial Details
Based on the closing price of Enel’s shares on July 24th, 2024, at €6.631, the estimated total disbursement for the share buyback is approximately €19.2 million. Enel will appoint an authorized intermediary to manage the purchases independently, adhering to daily price and volume limits set by the Shareholders’ Meeting and regulatory guidelines.
Commitment to Sustainability
Enel’s commitment to sustainable development is reflected in the program’s structure. The mandate to the intermediary includes a discount on the repurchase price, conditional on Enel achieving a sustainability goal of reducing “Scope 1” GHG emissions intensity to 125gCO2eq/kWh by 2026. This initiative underscores Enel’s dedication to integrating environmental objectives with its financial strategies.
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Regulatory Compliance
The share buyback will be conducted on the Euronext Milan market, ensuring equal treatment of shareholders and compliance with Consob Regulation No.11971/1999, Regulation (EU) No. 596/2014 on market abuse, and Delegated Regulation (EU) No. 2016/1052. Detailed and aggregate purchase transactions will be reported to CONSOB and the market as required.
Current Shareholding
As of today, Enel holds 10,085,106 treasury shares, equating to approximately 0.0992% of its share capital. The 2.9 million shares to be repurchased under the new program will be added to the existing portfolio, alongside shares previously purchased for similar incentive plans.
Enel’s latest share buyback program not only supports its financial strategies but also reinforces its commitment to sustainable development. By linking the repurchase price to the achievement of significant GHG emissions reductions, Enel continues to lead the way in integrating environmental goals with corporate governance and financial performance.
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