Under the programme, SES may acquire up to 2.97 million FDRs, representing an aggregate value of up to €31.16 million at prevailing market prices.
Satellite operator SES has announced plans to launch a share buyback programme aimed at meeting obligations under its Equity Based Compensation Plan (EBCP).
The Luxembourg-based company said it will repurchase fiduciary depositary receipts (FDRs) rather than ordinary shares, using a framework permitted under Luxembourg corporate law. The transaction is intended to support employee equity compensation programmes and will not count toward the company’s shareholder-approved 10% share repurchase limit.
Under the programme, SES may acquire up to 2.97 million FDRs, representing an aggregate value of up to €31.16 million at prevailing market prices. The securities being repurchased carry the ISIN code LU0088087324.
The company expects the buyback programme to be completed before its next annual general meeting of shareholders, although it could conclude earlier if the maximum number of FDRs is acquired before that date.
SES said the repurchases will be conducted in compliance with applicable European market regulations, including the Market Abuse Regulation and related delegated rules governing share buyback programmes. The company has appointed Société Générale as an independent intermediary to execute the transactions on its behalf.
According to SES, the pace and timing of purchases will depend on market conditions and other relevant factors. The move forms part of the company’s broader capital management strategy while ensuring it has sufficient equity instruments available to fulfil commitments under employee incentive schemes.
