The Board of Directors proposes that the Annual Shareholders Meeting to be held on December 15, 2023, in its 15th resolution, renews the authorization granted to the Board to repurchase Sodexo shares pursuant to articles L.225-209 et seq. of the French Commercial Code, articles 241-1 et seq. of the General Regulation of the AMF and the European rules applicable to market abuses under European regulation (UE) no. 596/2014 of April 16, 2014.
The new share buy-back program would be in particular, intended to cover restricted share plans, to reduce the Company’s share capital through the cancellation of shares and to trade in the shares within the context of the existing liquidity contract.
The maximum number of shares that may be purchased under this new share buy-back program would be set at 10% of the total number of shares comprising the Company’s capital as of the date of the Annual Shareholders Meeting on December 15, 2023, i.e., as of August 31, 2023, a maximum number of 14,745,488 shares.
The maximum share purchase price under this share buy-back program may not exceed 120 euros per share and the total amount allocated to the program may not exceed 1.8 billion euros.
This authorization would be valid for a period of 18 months, replacing the authorization given for the same purpose by the Annual Shareholders Meeting on December 19, 2022, in its 15th resolution.
For further information about this authorization submitted to a vote at the Annual Shareholders Meeting on December 15, 2023, please refer to chapter 9 of this Universal Registration Document.
As at August 31, 2023, Group employees held 1.5% of the Company’s share capital, representing 2,230,481 shares, 31.4% of which was held in an employee mutual fund (FCPE). As at August 31, 2023, the number of Group employee shareholders was estimated at 27,922.
The various profit-sharing agreements in force allow employees of the Group’s French subsidiaries to invest the amounts they receive in respect of these profit-sharing agreements into an employees’ mutual fund invested in Sodexo shares, or into a restricted savings account. To qualify for favorable tax and social security treatment, amounts due to employees are subject to a five-year lock-up period.
