The Allegro Board of Directors decided to implement a share buyback program. He wants to distribute them to employees as part of a motivational program.
Allegro will carry out a buyback of its own shares in order to realize awards under the employee incentive program. The program was approved by shareholders three years ago. In order to distribute shares to employees, Allegro must first buy them. It will allocate PLN 86.9 million for this purpose.
The purchase program will last from December 1, 2023 to May 31, 2024 and will be conducted by Santander Bank Polska – Santander Biuro Maklerskie. On Monday, the company’s share price at the close of trading was PLN 29.25. The maximum amount allocated for the purchase of shares is PLN 86.9 million, and the maximum purchase price of one share was set at PLN 40. This is significantly higher than the current Allegro share price (at the close of November were worth PLN 29.25). Allegro wants to buy a maximum of 2,172,523 shares, the company announced in a statement.
Allegro will distribute shares to employees
Allegro plans to spend PLN 86.9 million on shares.
The maximum number of shares purchased will not exceed 2,172,523, and the purchase program will last from December 1, 2023 to May 31, 2024. It will be run by the brokerage house of Santander Bank Polska.
The shares will be purchased on the WSE, and Allegro will have to distribute them to employees within 12 months from the date of purchase. Allegro will not buy more than 25% on any trading day. average daily volume of shares on the regulated market of the WSE.
“The Company will ensure appropriate public disclosure of information on transactions relating to the Program, no later than by the end of the seventh daily market session following the date of conclusion of such transactions, and will also provide a summary of the Program implementation,” Allegro’s announcement reads.