(RTTNews) - French ophthalmic company EssilorLuxottica (ESLOF.PK, ESLOY.PK) Friday announced the launch of its share buyback program reflecting its confidence in its value creation and long-term prospects.
The company has granted a mandate to an investment services provider for the purchase of up to 1.50 million EssilorLuxottica shares, depending on market conditions, over a period starting from today, September 23, up until March 31, 2023.
The shares so acquired would be awarded or transferred to employees and corporate directors of EssilorLuxottica and affiliated companies. This comes especially in the context of profit-sharing plans, bonus and performance share awards, stock option plans, and employee share ownership plan.
EssilorLuxottica said the share buyback program is being launched in accordance to the 14th resolution approved by the Annual General Meeting of May 25.
At that time, the company was granted the right to purchase its own shares during the 18 months that followed the AGM, for an amount representing up to 10% of its share capital and for a price per share not exceeding 200 euros.
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