(Finance) – The Board of Directors of Eni has resolved to submit to the Shareholders’ Meeting of 15 May 2024 the proposal for authorization to purchase treasury shares for a period until the end of April 2025 with the aim of remunerating shareholders and for the implementation of the widespread employee share ownership plan.
As indicated in the 2024-2027 Strategic Plan, Eni intends to distribute between 30% and 35% of the annual Cash Flow from Operations (CFFO) in the form of dividends and buybacks. In the presence of an increase in CFFO compared to that envisaged by the Plan, the company intends to allocate up to 60% of the incremental cash flows to the buyback.
In line with the Plan, Eni therefore intends launch the new buyback program worth 1.1 billion euros in 2024. This amount may be increased, based on any increases in CFFO envisaged by the Plan, up to a total maximum of 3.5 billion euros. The maximum quantity of shares that can be purchased under this program is equal to 328 million shares (10% of Eni’s share capital).
The authorization to purchase treasury shares under the new buyback program is requested for the following purposes: up to 321.6 million shares, for remunerate shareholders; up to 6.4 million shares, to constitute the share supply to service the creation of the PAD, also to be submitted for approval by the same meeting.
As of today, Eni holds 90,221,072 treasury shares equal to approximately 2.7% of the capital.