SES announced under the authorization given by the Annual General Meeting of shareholders held on 1 April 2021 that a share buyback programme of EUR 100 million will be carried forward by 31 December 2021. The company has planned to purchase up to 12 million of A-shares and up to 6 million of B-shares in equal proportion so that they could maintain the ratio of two A-shares to one B-share, as is required according to the Articles of Association. The overall value of the programme will not be exceeding EUR 100 million and the shares acquired during the programme are set to be cancelled so that they could reduce the total number of voting and economic shares. SES has affirmed its dedication to maintaining balance sheet metrics and being consistent with the investment grade ratios.
Steve Collar, who is the CEO of SES has stated that the share buyback programme of the company that they are announcing today also reflects upon their confidence in the long-term fundamentals of their business. The company’s current share price does not reflect the underlying value of the company and this programme represents an attractive opportunity to deploy capital for the optimal benefit of the company’s shareholders. He also added by saying that his company is uniquely positioned with the fixed targets and differentiated investments so that they can capture the exponential growth in demand for connectivity. This is set to fuel future top line and EBITDA growth with strong cash flow for their company which will be further enhanced by meaningfully lower capital expenditure, as well as the proceeds from our C-band initiative.
- On 30 April 2021, the company held 8,198,001 FDRs as treasury shares on the balance sheet
- The ratio of the voting A-shares to that of voting B-shares must be maintained at 2:1 as required by the Articles of Incorporation
- Each B-shares carries 40% of the economic rights of an A-share
SES has the vision to deliver better experiences wherever it delivers by providing its customers with the highest quality video content and providing connectivity around the world. As it is the leader in global content connectivity solutions, SES is the only company that uses a multi-orbit constellation of satellites with the unique combination of global coverage and high performance, it also includes the commercially proven, low latency Medium Earth Orbit O3b system. The company uses a very vast and intelligent cloud-enabled network, SES is able to deliver high quality connectivity solutions in any part of this planet, at sea or in the air as well, and as a result is the trusted partner to many of the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries more than 8,200 channels and has a wide range of reach of 361 million households, delivering managed media services for both the linear and non-linear content. The company is also listed in the stock exchange market in Paris and Luxembourg.