Sanlorenzo 2023 buy-back update
From 14 to 18 August 2023, Sanlorenzo acquired a further 7,400 ordinary shares for a total consideration of €274,242.80 …
The buyback programme of Sanlorenzo, listed on the Euronext Milan segment of the Italian Stock Exchange as of 10 December 2019, was authorised at the Ordinary Shareholders' Meeting held on 28 April 2022. This latest announcement serves as a positive indicator of Sanlorenzo's continued commitment to the share buy-back programme.
From 14 to 18 August 2023, Sanlorenzo acquired a total of 7,400 ordinary shares. These shares were purchased at an average price of €37.06 per share, for a total consideration of €274,242.80. Following the purchases made so far, as of 21 August 23, Sanlorenzo S.p.A. holds 131,363 treasury shares.
The reason why a listed company initiates a buyback programme is to allow the company to purchase its own shares to operate in the market with a view to medium- and long-term investment, to utilise excess liquidity, optimise the capital structure and serve future management incentive plans approved by the company.
The Sanlorenzo buy-back transaction comes after the approval of the Group's consolidated financial results for the first half of 2023 on 2 August 2023, with a Group net profit of €39.0 million, up 20.3% from €32.5 million in the first half of 2022.
The change in the performance of Sanlorenzo's share price compared to a year ago is rallying, with an increase of +17.01%. In the current year, the highest price touched by Sanlorenzo's stock is €44.35 per share, reached on 06/03/2023, while the lowest value was €34.25, touched on 26/07/2023.
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