This description was prepared in accordance with Articles 241-1 and 241-2 of the General Regulations of the Autorité des marchés financiers and in accordance with the provisions of Delegated Regulation (EU) 2016/1052 of March 8, 2016.
In light of the continuous rise in the Company’s share price, which over the last several weeks has exceeded the maximum purchase price approved by the shareholders at the Annual General Meeting of April 22, 2021, a new authorization for Kering to purchase its own shares under the share repurchase program was granted by the Ordinary General Shareholders’ Meeting of July 6, 2021 (single resolution). It is implemented pursuant to a delegation from the Board of Directors’ meeting of
July 6, 2021.
As of July 6, 2021, the number of shares held by Kering, directly or indirectly, was 299,211, i.e., 0.2% of the share capital.
The objectives of the share repurchase program approved by the General Shareholders’ Meeting of July 6, 2021 are as follows:
As of July 6, 2021, Kering's share capital amounted to €500,071,664, divided into 125,017,916 shares.
The General Shareholders’ Meeting of July 6, 2021 set the maximum proportion of share capital that Kering may hold at any time at 10% of the number of shares making up the share capital, i.e., to date, a maximum of 12,501,791 shares. Given the number of Kering treasury shares held as of
July 6, 2021, Kering could acquire 9.8% of its own shares.
The maximum purchase price set by the General Shareholders’ Meeting is €1,000 per share, excluding acquisition costs, bringing the total maximum amount allocated to the share repurchase program to €12,501,791,000.
The term of the program is set at 18 months as from the General Shareholders’ Meeting of July 6, 2021, i.e., until January 6, 2023.
Under the previous share repurchase program authorized by the Annual General Shareholders' Meeting of April 22, 2021 (fourteenth resolution), the Board of Directors decided to implement a share repurchase program for up to 10% of the share capital, over a period of 18 months, at a maximum unit purchase price of €700. Under this program, 42,530 shares were repurchased at an average price of €687.97 per share, representing 0.03% of the share capital, and 11,042 shares were sold at an average price of €674.05 per share, representing 0.01% of the share capital.
Kering entered into a liquidity agreement that came into force on February 13, 2019. This liquidity agreement complies with the regulations relating to liquidity agreements and with the Professional Code of Conduct established by the Association Française des Marchés Financiers (AMAFI), approved by the Autorité des marchés financiers.
As of July 6, 2021, Kering did not hold any call options on its shares.
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In accordance with Article 241-2, II of the General Regulations of the Autorité des marchés financiers, during the implementation of the repurchase program, any significant change in any of the information listed in paragraphs 3, 4 and 5 above will be brought to the public’s attention as soon as possible in accordance with the procedures set out in Article 221-3 of such General Regulations.
About Kering
A global Luxury group, Kering manages the development of a series of renowned Houses in Fashion, Leather Goods, Jewelry and Watches: Gucci, Saint Laurent, Bottega Veneta, Balenciaga, Alexander McQueen, Brioni, Boucheron, Pomellato, DoDo, Qeelin, Ulysse Nardin, Girard-Perregaux, as well as Kering Eyewear. By placing creativity at the heart of its strategy, Kering enables its Houses to set new limits in terms of their creative expression while crafting tomorrow’s Luxury in a sustainable and responsible way. We capture these beliefs in our signature: “Empowering Imagination”. In 2020, Kering had over 38,000 employees and revenue of €13.1 billion.