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Monday, 13 November 2017

Intertrust N.V. announces start of share repurchase programme of up to EUR 50 million

Intertrust Group    

Published: 07:15 CET 13-11-2017 /GlobeNewswire /Source: Intertrust Group / : INTER /ISIN: NL0010937058

Intertrust N.V. announces start of share repurchase programme of up to EUR 50 million

Amsterdam - 13 November 2017 - Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol INTER], a leading global provider of high-value trust, corporate and fund services, today commences a programme to repurchase ordinary shares in its capital for a total aggregate consideration of up to EUR 50 million. Based on the most recent closing price of Intertrust shares on Euronext Amsterdam this would be the equivalent of up to approximately 3.8 million shares.

 

Approximately 850,000 shares will be used for employee stock ownership and incentive plans vesting in 2018 and 2019, with the remainder of the repurchased shares to be cancelled (after approval by the general meeting of shareholders).

 

The share repurchase programme will commence on 13 November 2017 and is expected to be completed by 29 June 2018 or earlier when the maximum aggregate value has been reached.

 

Intertrust has engaged an independent broker to execute the repurchase transactions on its behalf. Any trading decisions in connection with the share repurchase programme, including the timing of any repurchase transaction, will be determined by the broker independently of, and without influence by, Intertrust.

 

The share repurchase programme will be conducted in accordance with the Market Abuse Regulation (EU) 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 and within the safe harbor parameters for repurchase programmes. Additionally, the programme will be executed within the existing authority granted to the Management Board at the Annual General Meeting on 16 May 2017.

 

The ordinary shares will be repurchased at a price that does not exceed the lower of (1) a maximum of 110% of the average of the highest quoted price per share on the last five consecutive trading days immediately preceding the date of repurchase, according to the Official Price List of Euronext Amsterdam and (2) the threshold stipulated by Article 3(2) of Commission Delegated Regulation (EU) 2016/1052. The share repurchase will be funded from Intertrust's available cash resources.

 

Intertrust will publish weekly updates of the progress of this share repurchase programme and the information will also be available on its Investors website www.intertrustgroup.com/investors.

 

 

For further information

Intertrust N.V.                                                              marieke.palstra@intertrustgroup.com

Marieke Palstra                                                             Tel: +31 20 577 1157

Director of Investor Relations, Marketing & Communications

 

About Intertrust

Intertrust is a leading global provider of high-value trust, corporate and fund services, with approximately 2,500 employees located throughout a network of 39 offices in 28 jurisdictions across Europe, the Americas, Asia and the Middle-East. The Company delivers high-quality, tailored services to its clients with a view to building long-term relationships. Intertrust's business services offering is comprised of corporate services, fund services, capital market services, and private wealth services. Intertrust has leading market positions in selected key geographic markets of its industry, including the Netherlands, Luxembourg, Jersey, and the Cayman Islands. Intertrust works with global law firms and accountancy firms, multi-national corporations, financial institutions, fund managers, high net worth individuals and family offices.



intertrust-nv-share-repurchase-programme-announced-nov-2017



This announcement is distributed by Nasdaq Corporate Solutions (One Liberty Plaza, 165 Broadway, New York, NY 10006. Tel: +1 212 401 8700. www.nasdaqomx.com) on behalf of Nasdaq Corporate Solutions clients. Source: Intertrust Group, Prins Bernhardplein 200, Amsterdam 1097 JB, The Netherlands
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