ANTWERP, Belgium--(BUSINESS WIRE)--Regulatory News:
In 2022, Azelis (Brussels:AZE) launched a long-term incentive plan ("LTIP") for certain directors, employees and self-employed managers of the Azelis Group. The LTIP is intended to align the interests of the Azelis Group's management with those of its shareholders. As per yearly practice, to cover future obligations under the LTIP, Azelis now announces the initiation of the share buyback program 2024.
In accordance with article 7:215 of the Belgian Code of Companies and Associations, Azelis Group NV (the “Company”) announces the launch of a share buyback program, effective as of 12 March 2024 (the “Share Buyback Program 2024”). The buyback of Azelis ordinary shares under this program intends to cover future obligations under the LTIP of the Company, which was launched back in 2022. The Company will buy back up to 130,000 shares under the Share Buyback Program 2024, for a total maximum amount of EUR 2,800,000. The Share Buyback Program 2024 starts on 12 March 2024 and will run until the earlier of 31 May 2024 or the date the maximum number of shares has been repurchased. It will be conducted under the terms and conditions of the shareholders' authorization granted in September 2021.
Any shares bought back under the program will be held as treasury shares.
The Share Buyback Program 2024 will be implemented in accordance with industry best practices and in compliance with the applicable rules and regulations. To this end, Azelis has mandated an independent financial intermediary to execute the program through open market purchases on its behalf on the basis of a discretionary mandate. The precise timing of the share buybacks will depend on a variety of factors including market conditions.
Azelis will keep the market regularly informed of the progress of the implementation of the program in line with applicable regulations.
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About Azelis
Azelis is a leading global innovation service provider in the specialty chemical and food ingredients industry, present in 65 countries across the globe with over 4,200 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to more than 63,000 customers, supported by +2,800 principal relationships, creating a turnover of €4.2 billion (2023). Azelis Group NV is listed on Euronext Brussels under ticker AZE.
Across our extensive network of more than 70 application laboratories, our award-winning staff help develop formulations and provide technical guidance throughout the customers’ product development process. We combine a global market reach with a local footprint to offer a reliable, integrated, and unique digital service to local customers and attractive -business opportunities to principals. Top industry-rated by Sustainalytics, Azelis is a leader in sustainability. We believe in building and nurturing solid, honest and transparent relationships with our people and partners.
Impact through ideas. Innovation through formulation.