Eutelsat says it has started the process to buy back for cancellation some of its own shares.
The satellite operator announced the plan in July last year, and said it would spend “at least” €100 million by the end of June 2022.
A statement on March 11th read: “Consistent with this commitment and in order to implement the first stage of this programme, Eutelsat has signed a mandate with an investment services provider for an initial cash share buy-back amount of €20 million. The purchase period will start on March 11, 2020 and end on July 30th, 2020. The purchase price per share shall not exceed €19.”
Eutelsat’s announcement gave its shares a modest boost of 2 per cent in early trading on March 11th, rising to €9.81 although touching €10 per share at one point.