The board of directors for Brazil-based meat and poultry company BRF has approved the company’s share buyback program. The goal of the program is to promote an efficient use of available cash resources in order to maximize the company’s capital allocation.
The terms of the buyback program are:
- The share buyback program will provide the acquisition of up to 14.5 million common shares, all book-entry shares and without face value, corresponding to 1.7 percent of the company’s share capital, excluding treasury shares;
- The company‘s free float, according to the definition given by Article 5 of CVM Instruction No. 10 of February 14, 1980, is 872,473,246 common shares, all book-entry shares and without face value, based on the shareholding position as of this date;
- The term of the share buyback program will be of 180 days from August 28, 2015 (inclusive), until February 24, 2016, and the executive board will be responsible to set the dates on which the buyback will be effectively executed. Any acquisition of shares will be compliant with the legal and regulatory blackout periods.
- The buyback transactions will be carried out through the following financial institutions: Bradesco S.A. Corretora de Títulos e Valores Mobiliários, Itaú Corretora de Valores S.A., and Merrill Lynch S.A. Corretora de Títulos e Valores Mobiliários.
- The shares acquired under the share buyback program can be canceled, used for the company‘s stock option plan or for any other plans approved by the company.