Supervielle Announces a Program for the Repurchase of Own Shares
21 Juillet 2022 - 10:41PM
Business Wire
Grupo Supervielle S.A. (NYSE: SUPV) (BYMA: SUPV),
(“Supervielle” or the “Company”), a universal financial services
group headquartered in Argentina with a nationwide presence,
announced that, in accordance with article 11 of Chapter I, Title
II and article 2, Chapter I, Title XII of the National Securities
Commission (“Comisión Nacional de Valores” or “CNV”) Regulations
(AR 2013), on July 20, 2022, the Board of Directors of Grupo
Supervielle S.A. (the “Company” or “Grupo Supervielle”) approved a
program for the repurchase of own shares, in accordance with
Article 64 of Law 26.831 and the CNV Regulations (the “Program”).
The Company decided to move forward with the Program taking into
account the current national and international macroeconomic
environment and in view of the high volatility of the capital
markets, and taking into account the sharp deterioration in the
value of Grupo Supervielle's shares associated with the increase in
Argentine risk that the Company believes it does not reflect the
real value of the Company's assets or their potential in the
future. In this sense, the Company considers that it is convenient
to carry out the Program as a viable and efficient alternative to
apply the Company's excess cash position for the benefit of the
Company and its shareholders. The repurchase of shares represents
the continued confidence and the conviction of the Board of
Directors and management in the execution of our strategic
priorities and in the valuation of the Company. It is noted that
today the Company has the liquidity necessary to perform the own
shares acquisition program and that an adequate level of solvency
would be maintained after carrying out the transaction.
Below it is described the terms and conditions:
- The purpose of the repurchase program will be to contribute to
reducing the difference between the Company's fair value based on
its assets value and the quoted price from stock exchange, seeking
to strengthen the market by efficiently applying the Company's
liquidity.
- The maximum amount to be invested will be AR$2,000,000,000 (TWO
BILLION ARGENTINE PESOS) or the lower amount that reaches the
repurchase of 10% of the capital stock.
- The shares in portfolio shall never surpass, as a whole, the
limit of 10% of Grupo Supervielle's capital stock. In accordance
with article 64 of Law 26,831, the shares to be acquired are fully
paid-in.
- The amount of the acquisitions in the Argentine market may not
exceed twenty-five (25%) of the Company's shares average daily
trading volume during the previous 90 (ninety) business days in
accordance with the provisions of the Capital Markets Law.
- The price to be paid per share will be up to a maximum of
US$2.20 (TWO AND TWENTY CENTS UNITED STATES DOLLARS) per ADR in the
New York Stock Exchange and up to a maximum of AR$138 (ONE HUNDRED
AND THIRTY EIGHT ARGENTINE PESOS) per Class B share in Bolsas y
Mercados Argentinos S.A.
- The acquisition will be made with realized and liquid earnings
and/or with the Company´s Voluntary Reserve, as per the Financial
Statements as of March 31, 2022. It is noted that the Company has
the liquidity necessary to perform the aforementioned acquisitions
without affecting its solvency.
- The Company will acquire shares for a 250-day period as from
the start of this program, which will take place on the business
day following the publication of the program in the corresponding
markets, subject to any period renewal or extension approved by the
Board of Directors, which will be duly informed.
- As long as the share repurchase plan by the Company is in
place, Directors, statutory auditors, and senior managers will be
informed that they are forbidden to sell their own shares —whether
directly or indirectly held— while the period is in force.
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IR Grupo Supervielle
IR-GrupoSupervielle@gruposupervielle.com.ar
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