Share repurchase 2019/2020
On 30 June 2020, EFG International AG announced the completion of the repurchase programme for its own registered shares initially communicated on 31 May 2019.
EFG’s share buyback programme started on 03 June 2019 and was concluded on 30 June 2020 as planned. EFG repurchased a total of 3,946,243 registered shares, equivalent to 1.33% of the share capital as of May 2019, on the SIX Swiss Exchange for an amount of CHF 24,566,179 through its wholly owned subsidiary EFG Bank AG. The total number of repurchased shares reflects EFG’s cautious approach of capital preservation as a result of the coronavirus (COVID-19) pandemic and follows the regulator’s recommendations. The repurchased shares are used to fund restricted stock units relating to employee incentive plans, as EFG prevents further shareholder dilution caused by the issue of shares from conditional capital in connection with its employee incentive plans.
The share buyback was exempted from the provisions on public takeover offers provided for in section 6.1 of the Circular no. 1 of the Swiss Takeover Board dated 27 June 2013 (status as of 01 January 2016) and referred to a maximum of 8,000,000 registered shares, equivalent to a maximum of 2.70% of the share capital and voting rights as of May 2019.
