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Prosegur Cash out of shopping by their own shareholders. The subsidiary of cash management of the group Prosegur has announced this Thursday a program of repurchase of a maximum of 45 million of its securitiesrepresentative of 3% of its share capital. In addition, it has launched a reinvestment plan for its third annual dividend.
The goal of these acquisitions is in the redemption of these securities with the objective of reduce your social capital. This last point will have to be endorsed by the next meeting of shareholders of the company, as contained in the privileged information submitted to the Commission National of the Market of Values (CNMV).
With the aim of proceeding to these purchases, Prosegur Cash has been pointed out a maximum amount of 40 million euros. In addition, as is customary in these repurchase program, not the acquiring of titles at prices higher than the last independent trade in the market and corresponding to the offer independent higher to that moment on the trading venues where the purchase.
Prosegur will not sell
The term that the company gives for these purchases is a year. However, “reserves the right to end the program if, before the expiry of the said period of duration maximum of one year, had purchased the maximum number of shares authorized by the board of directors, if it would have reached the maximum amount of money of the program or if he is present any other circumstances that so advise”.
While it is in effect this acquisition program, is suspended the liquidity agreement the company had to facilitate the transactions with their titles. In addition, the company has announced that its parent and majority shareholder, Prosegur, “have expressed their intention not to sell shares of Prosegur Cash in the coming months.” Currently, its weight in the subsidiary cash is of 72.5%.
Reinvest the dividend
In parallel, the company has announced a voluntary program for the reinvestment in shares of its next dividend cash to image that its parent announced the past month of April. In this way, the investors of Prosegur Cash will be able to receive the next June 29, the 0,014525 euros gross per share corresponding to the third payment of the dividend for financial year 2019, or use the amount that you would receive to acquire shares of the group.
The company explains that this mechanism has been devised with the purpose of contribute “to the eventual strengthening of the financial position of the society” to respond to “the current situation arising from the impact of the pandemic Covid-19”. The titles to subscribe will be newly issued and have a par value of eur 0.02 each, to which will add a premium to achieve the average price quoted in the period between days 22 and 26 of June.
In this program there is no reinvestment partial, that is to say, that those who choose to acquire new shares will need to do it with all the amount they would have received in dividend. To do this, they will have to communicate this decision to their depositary of securities until the 26th of June.
