Following a filing for SEC deregistration last month, Just Eat Takeaway.com has today announced a share buy-back programme that could see the company repurchase ordinary shares in the amount of up to €150 million. According to the company, the initiative will be used to cover obligations under share-based compensation agreements or be cancelled in order to reduce issued share capital.
The maximum number of shares that are on the block equates to 4.2%, based on a closing share price of €16.26 quoted on 18 April 2023. The buy-back programme is expected to be completed no later than December of this year.
While this shouldn’t come as much of a shock, the authorisation of the buy-back programme was granted on 4 May of last year and is valid for 18 months, and therefor very much in play, expiring some seven months from now on 4 November 2023.
However, Just Eat Takeaway.com has a general meeting scheduled for 17 May 2023, at which, a new authorisation could be granted. I.e. the programme could conceivably be altered, upped, lowered, and suspended altogether.