February 18 – Repsol said on Thursday that it will consult shareholders on the implementation of a buy-back plan and subsequent amortization of up to 2.58% of its capital.
This percentage implies the purchase of a maximum of 40.5 million own shares, according to the Spanish oil company, which said that the buyback program will begin on February 18, 2021 and will remain in force until May 18, 2021.
The repurchase and subsequent amortization of treasury shares is a form of remuneration to shareholders that is alternative to dividends, since, by eliminating shares, those that are still in circulation increase their value.
“The purpose of the Capital Reduction is to contribute to the remuneration of Repsol shareholders by increasing earnings per share,” said the company.
In September 2020, Repsol launched a buyback program to acquire up to 1.45% of its own capital.