SES S.A. has engaged in a share buyback program of up to 100 million euros to be executed by December 31, 2021, under the authorization given by the Annual General Meeting of shareholders held on April 1, 2021.
The company will purchase up to 12 million A-shares and up to 6 million B-shares in equal proportion to maintain the ratio of two A-shares to one B-share, as required by the Articles of Association. The aggregate value of the program shall not exceed 100 million euros and the shares acquired under the program are intended to be cancelled to reduce the total number of voting and economic shares. SES affirms its commitment to maintain balance sheet metrics consistent with investment grade ratios.
“The share buyback program that we are announcing today reflects our confidence in the long-term fundamentals of the business. The current share price does not reflect the underlying value of SES and this program represents an attractive opportunity to deploy capital for the optimal benefit of our shareholders,” said Steve Collar, CEO of SES. “SES is uniquely positioned with targeted and differentiated investments to capture exponential growth in demand for connectivity. This is set to fuel future top line and EBITDA growth with strong cash flow further enhanced by meaningfully lower capital expenditure, as well as the proceeds from our C-band initiative.”