(Finance) – The board of directors of Eni resolved to submit to the shareholders’ meeting of 11 May 2022 the proposal of authorization to purchase treasury shares (buyback) for a period up to 30 April 2023, subject to revocation for the part not yet executed of the shareholders’ resolution of 12 May 2021. The proposal concerns the purchase of treasury shares for a minimum outlay of 1.1 billion euros, which can be increased according to the Brent price scenario. In particular, Eni will update its assessment on the scenario related to the buyback program in July and October.
In the presence of Brent price scenarios above $ 90 per barrel, Eni will proceed to increase the total value of the buyback program for an amount equal to 30% of the associated incremental Free Cash Flow (in any case, the buyback program cannot exceed a total of 2.5 billion euros) and for a maximum number of shares equal to 10% of the ordinary shares into which Eni’s share capital will be divided following thecancellation of treasury shares purchased in 2021. The shareholders are in fact also called to cancel 34,106,871 treasury shares, acquired as part of the previous buyback program.
The BoD underlined that it will submit to the shareholders’ meeting, which will be called in 2023 for the approval of the financial statements for the financial year as at 31 December 2022, the cancellation proposal of treasury shares purchased up to the date of calling of the meeting itself, in execution of the new buyback programwith the clarification that the cancellation will be carried out without reducing the share capital in consideration of the absence of the par value of Eni shares.