Ercros, S.A. commences an Equity Buyback Plan, under the authorization approved on June 10, 2022.
July 03, 2022
Share
Ercros, S.A. (BME:ECR) commences share repurchases on June 23, 2022, under the program mandated by the shareholders in the Annual General Meeting held on June 10, 2022. As per the mandate, the company is authorized to repurchase its own shares. The maximum repurchase price of shares is equivalent to the price of the shares of the company in the continuous market at the time of the derivative acquisition of the shares and a minimum equivalent to 75% of the maximum price described. The repurchase authorization is valid for 5 years.
On June 10, 2022, the company initiated a Market Repurchase. Under the program, the company will repurchase up to 8,080,000 shares, representing 8% of its share capital for €25 million. The maximum repurchase price is price of the last independent transaction or the highest independent offer at that time at the trading venue where the purchase is made, even when the shares are traded on different trading venues. The repurchases will commence from June 22, 2022, and will be valid till June 22, 2023. The purpose of the program is amortization of the treasury shares acquired through a reduction of the company's share capital in the nominal amount thereof, following an agreement adopted for that purpose by the General Shareholder's Meeting.
Ercros SA is a Spain-based company engaged, together with its subsidiaries, in the chemical industry. The Companyâs products are structured into three business lines: Businesses Associated to Chlorine, which comprises the production of chlorine, ethyl acetate, caustic soda, sodium hypochlorite, dichloroethane, chloromethane, sodium chlorate and caustic potash, polyvinyl chloride (PCV), as well as water disinfectants; Intermediate Chemicals, which produces formaldehyde, glues and resins for the fiberboard and plywood industries, and Pharmaceuticals, which comprises raw material and intermediate products used in the pharmaceutical industry. The Company owns such subsidiaries as Marcoating SLU, Gades Ltd and Ercekol AIE, among others. In April 2014, it sold Fosfatos de Cartagena SLU to Timab Iberica.
ERCROS, S.A. 
