Eutelsat buys back 59k shares
September 21, 2023
Eutelsat’s board of directors, just days away from the company’s merger with OneWeb (on September 28th), has approved the repurchase of some of its shares.
Eutelsat can spend up to €381,804 on 58,739 shares representing less than 5 per cent of Eutelsat’s share capital.
The purchase takes advantage of the current ultra-low value of Eutelsat’s share price. On September 19th they were €5.53 per sharer (and had risen 3 per cent on September 18th). But over the past 6 months the share price has traded as high as €6.43. However, four years ago Eutelsat’s shares were regularly trading at €16.85, and even higher in October 2018 (at €22).
The share buy-back will be executed by BNP Paribas Exane (the ‘Broker’) acting as intermediary on the multilateral trading facilities on which Eutelsat shares are traded and on the regulated market of Euronext Paris.
As well as the planned merger on September 28th, Eutelsat’s next set of financial numbers (Q1 2023-24) will be unveiled on October 26th.