Voyageurs du Monde Announces €130 Million Share Buyback Program

Voyageurs du Monde shared details of a significant share buyback initiative valued at €130 million, representing about 20% of its share capital. The offer price is set at €150 per share, which is a 16.3% premium over the April 22, 2024, closing price.

The company intends to use its available cash reserves for this buyback, aiming to reduce excess liquidity and return value to shareholders. This move follows a swift business recovery post-COVID-19, which deemed the €130 million raised in 2021 through convertible bonds excessively precautious.

The majority shareholder, Avantage SA, plans to tender shares worth €27.8 million. Top executives, including CEO Jean-François Rial and deputies Alain Capestan and Lionel Habasque, also intend to participate.

The buyback proposal is pending approval from the June 3, 2024, general shareholders' meeting and requires an independent fairness report from Crowe HAF. The AMF's final decision will follow these approvals.