The 1st tranche will start at the beginning of January 2019 and will end no later than 27 June 2019. The program will be funded through the Company’s available cash and common shares repurchased under the rogram may be used to meet the obligations arising from the Company’s equity incentive plan.
The Initial Program has 2 components, they are, as follows:
- Ferrari has entered into a non-discretionary buyback agreement for an amount equivalent to EUR 100-M to be executed on the MTA market through a primary financial institution. The Bank will make its trading decisions concerning the timing of the purchases of Ferrari’s common shares independently of and uninfluenced by Ferrari and it will act in compliance with applicable rules and regulations as well as in accordance with the provisions of the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052. Under this agreement purchases may continue during any closed periods of Ferrari in accordance with the Regulations, and
- Ferrari intends to enter into an additional mandate with a primary financial institution for up to EUR 50-M to be executed on the NYSE. Pursuant to such mandate Ferrari would provide the financial institution with purchase instructions from time to time in compliance with applicable rules, regulations and legal requirements. The actual timing, number and value of common shares repurchased on the NYSE will depend on a number of factors, including market and general business conditions.
The Initial Program implements the resolution adopted by the Shareholders’ Meeting held 13 April, 2018 and communicated to the markets, which authorized the purchase of up to 10% of the Company’s common shares during the 18-month frame following such Shareholders’ Meeting. The repurchase authority will expire on 12 October 2019 or until such authority is extended or renewed before such date.
Details of the repurchase transactions carried out under the Initial Program shall be disclosed to the market as required by applicable regulation.
The Company currently holds 6,002,843 common shares in its treasury.
The Initial Program replaces any previous common shares buyback program.A
Ferrari is among the world’s Top luxury brands focused on the design, engineering, production and sale of the world’s most recognizable luxury performance sports cars.
Ferrari brand symbolizes exclusivity, innovation, state-of-the-art sporting performance and Itala design. Its history and the image enjoyed by its cars are closely associated with its F1 racing team, Scuderia Ferrari, the most successful team in F1 history.
From its 1st year of F1 in Y 1950 through the present, Scuderia Ferrari has won 235 Grand Prix races, 16 Constructor World titles and 15 Drivers’ World titles.
Ferrari designs, engineers and produces its cars in Maranello, Italy, and sells them in over 60 markets worldwide.
Ferrari is the Aristocrat of the world’s automotive sector and its #1 luxury brand.
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