MADRID, 28 Feb. (EUROPA PRESS) -
Banco Santander plans to execute a share repurchase plan for 921 million euros, while it plans to propose to the general meeting of shareholders the approval of a complementary dividend of 5.95 cents per share, as reported on Tuesday to the National Stock Market Commission (CNMV).
With these two measures, the financial institution will have remunerated the shareholder with some 3,842 million on account of the financial year 2022, which represents around 40% of the profit obtained during the past year. In this way, it meets its objective of maintaining a 'payout' of that percentage divided equally into shares and repurchases.
The dividend will be payable as of May 2, 2023. Thus, the last trading day of the share with the right to receive the dividend would be April 26, the share would trade ex-dividend on April 27, and the date record date would be April 28.
The purpose of the repurchase plan is to reduce the bank's share capital by amortizing the own shares that are acquired.
In addition to the maximum amount of the program of 921 million euros, the entity chaired by Ana Botín also has the objective that the maximum average price during the program does not exceed 4.26 euros per share, an amount that corresponds to the tangible own resources per share as of December 31, 2022.
The bank will take over as many shares as it deems appropriate but to meet the objectives but, in any case, it will not exceed 1,514 million of its own titles. Assuming that the average purchase price of shares in execution of the program was 3.50 euros, the maximum number of shares will be 263.1 million shares.
In any case, the entity may not acquire shares at a price higher than the highest of the price of the last independent operation or of the highest independent offer at that time in the trading center where the purchase is made. Nor may it be more than 3% higher than the amount of the last quote.
Regarding volume, Santander may not buy on any trading day more than 25% of the average daily volume of the entity's shares in the trading center where the purchase is made. The volume will be calculated taking as a reference the average daily volume traded in the 20 business days prior to the purchase date.
Shares listed on the Spanish Continuous Market, as well as on Turquoise Europe, DXE Europe and Aquis Exchange Europe will be eligible.