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LONDON - Canal+ SA (LSE:CAN) announced Wednesday it will commence a new share buyback program worth up to £31 million ($40.3 million) to satisfy employee and corporate officer share awards under its incentive plans.
The global media and entertainment company said the new program will begin September 25 and run through December 19, 2025. This follows an earlier £18.7 million buyback program announced in June that concluded on August 31 without any shares being purchased.
The company has appointed Natixis as broker to execute the buyback independently within preset parameters. Canal+ stated that acquired shares will be held as treasury stock to fulfill awards under its share-based incentive plans, with any remaining shares to be canceled.
According to the announcement, the company will not acquire more than 10 percent of its issued share capital. Purchase prices will comply with UK Listing Rule limitations, capped at 105 percent of the five-day average middle market quotation or the higher of the last independent trade price and highest current independent bid.
The buyback program is being carried out under Article L. 225-208 of the French Commercial Code, which provides statutory powers for French-incorporated companies to purchase shares for allocation to employees and corporate officers.
Canal+ will announce any share purchases no later than 7:30 a.m. on the business day following the transaction, according to the press release statement.
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