Technip Energies Announces Launch of Share Buy-Back Program
February 29, 2024
Technip Energies (PARIS:TE) (the “Company”), a leading Engineering & Technology company for the Energy Transition, today announces the launch of a share buy-back program of up to €100 million (the “Share Buy-back Program”), with up to €70 million to be used to purchase common shares for cancellation and up to €30 million to be used to fulfill the Company's obligations under equity compensation plans. The maximum number of shares that can be acquired under the Share Buy-back Program is 5 million shares. The Share Buy-back Program is to be carried out until December 31, 2024.
The Share Buy-back Program was decided by the Company’s Board of Directors and will be implemented in accordance with the provisions of article 5 of the Market Abuse Regulation (EU) 596/2014 and Commission Delegated Regulation (EU) 2016/1052.
The Share Buy-back Program will be carried out pursuant to the authorization to repurchase shares granted by the Company’s shareholders at the 2023 Annual General Meeting (“AGM”) on May 10, 2023. The shareholders resolution authorized the Company to acquire during a period of 18 months up to 10% of the Company’s issued share capital at prices ranging from the nominal value of the shares up to 110% of the market price of the shares, for purposes of, amongst other topics, the return of capital to shareholders, to carry out repurchases under the Company’s share liquidity program, and/or, to the extent such authorization is required, to fulfil the Company's obligations under its equity compensation plans.
The Company intends to propose to the Company's shareholders at the 2024 AGM to renew the repurchase authorization. The proposed 2024 authorization will provide for the same terms as the 2023 AGM repurchase authorization (i.e. validity of 18 months, for the same purposes, with a 10% of the share capital limit for repurchases). Following renewal of the repurchase authorization, share repurchases under the Share Buy-back Program will be carried out pursuant to the authorization granted at the 2024 AGM. If the repurchase authorization is not renewed, the Share Buy-back Program will continue under the 2023 AGM repurchase authorization until November 9, 2024.
On February 28, 2024, the Company held approximately 4.4 million treasury shares, representing approximately 2.5 percent of its issued share capital. Such shares are currently being held for purposes of fulfilling the Company's obligations under its equity compensation plans.
The Company will appoint a broker to execute the Share Buy-back Program in accordance with all applicable regulations. The broker will make decisions relating to the repurchase of Company shares independently, including with respect to the timing of any repurchases, and all repurchases effected will be in compliance with daily limits on prices and volumes.
The price paid for any share repurchased pursuant to the Share Buy-back Program will be subject to a maximum amount equal to the greater of (i) the price of the last independent trade and (ii) the highest current independent purchase bid on the regulated market of Euronext Paris. It will be subject to all other terms and conditions that may be agreed with the broker.
The actual timing, number and value of Company shares repurchased under the Share Buy-back Program will depend on a number of factors, including market conditions, general business conditions and applicable legal requirements. The €100 million allocated to the Share Buy-back Program does not include amounts to cover ancillary costs. The Company is not obligated to carry out the Share Buy-back Program, and, if commenced, the Share Buy-back Program may be suspended or discontinued at any time, for any reason and without previous notice, in accordance with applicable laws and regulations. All repurchased shares will be held as treasury stock unless cancelled.
The Company will issue the required press releases that will disclose the share repurchases effected pursuant to the Share Buy-back Program, as required by applicable laws and regulations, and will make the necessary regulatory filings. The press releases and the transactions carried out will also be published on the Company's website at https://investors.technipenergies.com/financial-information/notice-trading-own-shares. The costs that the Company may incur in connection with the repurchase of the shares pursuant to the Share Buy-back Program will depend on the price and the terms on which actual purchases are made.
About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in LNG, hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The Company benefits from its robust project delivery model supported by an extensive technology, products and services offering.
Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.
Technip Energies shares are listed on Euronext Paris. In addition, Technip Energies has a Level 1 sponsored American Depositary Receipts (“ADR”) program, with its ADRs trading over-the-counter. For further information:
Forward-Looking Statement
This Press Release contains forward-looking statements that reflect Technip Energies’ (the “Company”) intentions, beliefs or current expectations and projections about the Company's future results of operations, anticipated revenues, earnings, cashflows, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are often identified by the words “believe”, “expect”, “anticipate”, “plan”, “intend”, “foresee”, “should”, “would”, “could”, “may”, “estimate”, “outlook”, and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on the Company’s current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on the Company. While the Company believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Company will be those that the Company anticipates.
All of the Company’s forward-looking statements involve risks and uncertainties, some of which are significant or beyond the Company’s control, and assumptions that could cause actual results to differ materially from the Company’s historical experience and the Company’s present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see the Company’s risk factors set forth in the Company’s 2022 Annual Financial report filed on March 10, 2023, with the Dutch Authority for the Financial Markets (AFM) and the French Autorité des Marchés Financiers which include a discussion of factors that could affect the Company's future performance and the markets in which the Company operates. Please also see Section 1.3 (Principal Risks and Uncertainties) of the Company's 2023 Half-Year Report which was filed with the AFM and the AMF on July 27, 2023.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. The Company undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.
Regulated information
This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.
Contacts
Investor Relations
Philip Lindsay
Vice-President Investors Relations
+44 203 429 3929
Phillip Lindsay
Media Relations
Jason Hyonne
Press Relations & Social Media Lead
+33 1 47 78 22 89
Jason Hyonne
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