LATAM’s Extraordinary Shareholders’ Meeting Approves Share Buyback Program

LATAM Airlines Group S.A. reported on March 17 at an extraordinary shareholders’ meeting, that the shareholders approved the share buyback program, under articles 27 A 27 C of the law on Public Limited Companies, proposed by the board of directors.

This program is for up to 1.6% of the subscribed and paid shares into which the company’s share capital is divided as of this date, that is, up to 9,671,006,041 shares, and it will last for 18 months from the date of the extraordinary meeting. In turn, the board delegated to the board of directors to implement with full authority everything concerning the execution of the repurchase plan, including determining the purchase price.

The buyback plan may be carried out on the stock exchanges through systems that allow the acquisition on a pro-rata basis of the shares received or directly on the wheel, subject, in this case, to the limit for daily and annual volume established by law.

In the case of the acquisition of shares in a roundtable, the board of directors was authorized to acquire shares in a representative amount of up to 1% of the company’s share capital within any period of 12 months, without the need to apply the pro rata procedure, under the terms provided for in the aforementioned Article 27 B.

Photo credit: Latam Airlines.