Telenet starts its Share Repurchase Program 2021, effective today
The enclosed information constitutes regulated information as defined in the Royal Decree of 14 November 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market.
Mechelen, November 26, 2021 – Telenet Group Holding NV (“Telenet” or the “Company”) (Euronext Brussels: TNET) announces the start of its Share Repurchase Program 2021, as announced on October 28, 2021. The program will begin today and is intended to be terminated over a three-month period as opposed to an initially contemplated five-month period.
At the end of October, the board of directors approved a new share buy-back program of up to €45.0 million (the “Share Repurchase Program 2021”). The Share Repurchase Program 2021 will begin today and is intended to be terminated over a three-month period as opposed to an initially contemplated five-month period. Under this program, Telenet may acquire from time to time its common stock, for a maximum of 1.1 million shares or a maximum consideration of €45.0 million. The share repurchases will be conducted under the terms and conditions approved by the extraordinary general shareholders’ meeting of the Company of April 24, 2019. The program will be implemented in accordance with industry best practices and in compliance with the applicable buy-back rules and regulations. To this end, an independent financial intermediary will repurchase shares on the basis of a discretionary mandate. The precise timing of the repurchase of shares pursuant to the program will depend on a variety of factors including market conditions. During the repurchase program, the Company will regularly publish press releases with updates on the progress made (if any), as required by law. This information will also be available on the investor relations pages of our website (investors.telenet.be) under the Shareholders section. The repurchased shares under this program are intended be used to cover future obligations under the Company's share incentive plans or may be cancelled to the extent repurchased shares under this program would exceed such obligations.