Enel launches a sustainability- linked share buyback program serving its Long- Term incitement Plan 2022
EnelS.p.A.( “ Enel ” or the “ Company ”) announces that the Board of Directors of the Company, enforcing the authorization granted by the Shareholders ’ Meeting of May 19th, 2022 and in compliance with the applicable terms formerly bared to the request, has approved moment the launch of a share buyback program, for a number of shares equal to2.7 million( the “ Program ”), original to roughly0.027 of Enel’s share capital.
The Program, the duration of which will run from June 17th until no latterly than September 19th, 2022, is designed to serve the Long- Term incitement Plan 2022 reserved to the operation of Enel and/ or of its accessories pursuant to Composition 2359 of the Italian Civil law( “ LTI Plan 2022 ”), which was also approved by the Shareholders ’ Meeting on May 19th, 2022.
Taking into account the ending price of Enel’s shares on June 15th, 2022 on the Euronext Milan request organized and managed by Borsa ItalianaS.p.A., equal to5.56 euros, the implicit disbursement related to the prosecution of the Program is estimated at roughly 15 million euros.
For the purposes of executing the Program, Enel has appointed an sanctioned conciliator which will take opinions on purchases, also in relation to their timing, in full independence, and in compliance with diurnal price and volume limits harmonious with both the authorization granted by the Shareholders ’ Meeting of May 19th, 2022 and with the vittles of Composition 5 of Regulation( EU)No.596/2014 on request abuse and Composition 3 of Delegated Regulation( EU)No.2016/1052. In particular, the purchase price of the shares shall not be further than 10 lower or advanced than the sanctioned price recorded by Enel’s shares on the Euronext Milan request in the trading day antedating each individual sale and, in any case, shall not exceed the advanced between the price of the last independent trade and the loftiest current independent purchase shot on the Euronext Milan request. likewise, the diurnal volume of purchases shall not exceed 25 of the average diurnal volume of Enel shares traded on the Euronext Milan request in the 20 trading days antedating the date of purchase.
In line with Enel’s commitment to a model of sustainable development, the accreditation to the conciliator also provides for a price medium- reflected in the price at which the Company repurchases the shares from the conciliator- linked to the achievement by the Enel Group of the target value of the performance ideal of the LTI Plan 2022 represented by the direct hothouse gas emigrations( compass 1) per KWh original produced by the Enel Group in 2024.
Purchases will be made on the Euronext Milan request, so as to insure equal treatment of shareholders, in compliance with Composition 144- bis, paragraph 1, letter b) of Consob RegulationNo. 11971/ 1999, as well as in agreement with the vittles of the forenamed Regulation( EU)No.596/2014 on request abuse and Composition 3 of Delegated Regulation( EU)No.2016/1052.
The purchase deals carried out will be communicated to CONSOB and to the request, in detailed and aggregate form, within the terms and in the manner set out in Composition 2 of Delegated Regulation( EU)2016/1052.
As of moment’s date, Enel holds storeroom shares in its portfolio, equal to roughly0.048 of the share capital, while its accessories don’t hold any Enel shares. It should be noted that, in agreement with the resolution espoused moment by the Company’s Board of Directors, in addition to the2.7 million shares to be bought under the Program, the storeroom shares in portfolio formerly bought to serve the analogous Long- Term incitement Plan 2019 and not used upon the final assessment of similar Plan will be also used to serve the LTI Plan 2022.