Econocom - 2019 Universal registration document

05 management report profit for the year

bond, 24,213,075 new shares would be issued. Finally, the Extraordinary General Meeting of 19 ژ May 2015 renewed, for a five-year period, the authorisation given to the Board of Directors, in accordance with articles 7:198 and 7:199 of the new Belgian Companies Code ( Code des sociétés ), to carry out one or more capital increases of up to a maximum total amount of €21,563,999.86 (excluding issue premiums). At 31 ژ December 2019, authorised unissued capital (excluding issue premiums) stood at €19,052,787.28. The Company’s ownership structure is described in section ژ 5, “Corporate governance statement”. Treasury shares Econocom group has a share buyback programme, which allows it to: deliver shares to avoid potential dilution of • shareholders’ interests due to the exercise of options; pay for any external growth transactions; • award to free share plan beneficiaries; • cancel shares acquired. • The Extraordinary and Special General Meeting of 21 ژ May 2019 renewed for a five-year period the authorisation given to the Board of Directors to buy back treasury shares. The minimum purchase price was set at the equivalent of €2 and the maximum unit price at €10.

The maximum number of shares to be purchased throughout the five-year period is 49,076,086. Since the beginning of the buyback programme, 6,647,409 shares have been acquired at 31 ژ December 2019. In 2019, the following treasury share movements took place, (excluding liquidity agreements): Econocom group acquired 9,688,513 • Econocom group shares, for an acquisition price of €26.6 ژ million; Econocom group transferred 85,000 • treasury shares to two Free Share Plan beneficiaries; As at ژ December ژ 2019, Econocom group held 23,458,144 ژ treasury shares acquired under its share buyback program. The treasury shares represent 9.56% of the total number of shares issued. The voting rights associated with the shares held by the Company have been suspended. The shares held by the Company do not give entitlement to dividends. Econocom group’s distributable reserves (statutory data) stood at €197.6 ژ million, in addition to retained earnings in the amount of €68.4 ژ million. Econocom group’s non-distributable reserves stood at €57.0 ژ million.

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2019 annual report