Just Eat Takeaway.com has announced the start of a new share buyback programme to improve future earnings per share under which it plans to repurchase ordinary shares in the amount of up to €150 million and for a number of shares not exceeding the authority granted by the general meeting (10% of the issued shares). The repurchased shares will be used to cover the Company’s obligations under share-based compensation arrangements or will be cancelled to reduce issued share capital.
The buyback programme will commence on 18 October 2023 and is expected to complete no later than 30 September 2024. The number of shares to be repurchased will be within the authorisation (10% of the issued shares) of the general meeting of Just Eat Takeaway.com granted to the Management Board. The maximum number of shares to be repurchased is approximately 5.7% of the Just Eat Takeaway.com issued share capital, based on the closing share price on 17 October 2023 of €11.92.
The execution of the share buyback programme will be done under the terms of an engagement letter with a third party, performed in compliance with the safe harbour provisions for repurchasing shares under the European Market Abuse Regulation. Shares are bought in the market and accumulated on the treasury share account until settlement under the employee incentive plans or cancellation. As the programme will be lead-managed by the third party within pre-defined execution parameters, transactions may be carried out during closed periods.
The Company will inform the market of the progress made in the execution of this programme through updates on its website (https://www.justeattakeaway.com/investors). In accordance with normal practice to cater for possible changes in future circumstances, the programme does not obligate the Company to acquire any amount of shares, and it may be suspended at any time at the Company’s discretion.
 The current authorisation of the general meeting has been obtained on 17 May 2023 and is valid for 18 months, ending on 17 November 2024. Should the general meeting approve a new authorisation of the Management Board to repurchase shares in its meeting to be held in May 2024, the new authorisation will replace the authorisation dated on 17 May 2023.
Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are, or may be deemed to be, forward-looking statements, including "forward-looking statements". These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "anticipates", "expects", "intends", "may", or "will" or, in each case, their negative or other variations or comparable terminology, or, by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements reflect the Company's current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the Company’s business, results of operations, financial position, liquidity, prospects, growth or strategies. Past performance is no guide to future performance and persons needing advice should consult an independent financial adviser. Forward-looking statements reflect knowledge and information available at, and speak only as of, the date they are made, and the Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this press release. Readers are cautioned not to place undue reliance on such forward-looking statements.