CR 10/2023 Information on the Completion of the Treasury Share Buy-Back Scheme
Current report no: 10/2023
The Management Board of LPP SA with its registered office in Gdańsk (the ”Company”) informs that, today, it has decided to end the treasury share buy-back scheme due to the absence of prerequisites for executing the same.
According to resolution no 21 of the Ordinary General Meeting of Shareholders of LPP SA of 18 September 2020, the Company’s Management Board has been authorised to acquire, by 31 July 2025, no more than 277,863 treasury shares on the terms and conditions set forth in the above-mentioned resolution. In line with the said resolution, the treasury share buy-back scheme may, throughout its duration, be ended following a decision made in that respect by the Company’s Management Board.
As part of the authorisation in question, no transaction has been effected, i.e. no treasury share has been acquired. Consequently, no funds were used for implementing the buy-back scheme.
The Company’s Management Board intends to propose that the General Meeting should dissolve the reserve capital totalling PLN 2,100,000,000, created to meet the needs of the acquisition of treasury shares, and transfer the funds in full once again for the supplementary capital. Consequently, the said funds will increase the funds which may be distributed among shareholders.