In line with AXA’s existing practice to buy back shares to meet its obligation to deliver shares under, and to eliminate the dilutive effect of, certain share-based compensation schemes*, AXA has decided to launch a new buyback program for a maximum of 37,000,000 shares. The share buyback is expected to commence on May 11, 2017 and end at the latest on December 31, 2017. These shares will either be delivered to the beneficiaries of share-based compensation schemes or canceled, in accordance with the terms of the AXA share repurchase program**.
In this context, AXA expects to appoint one or several investment service provider(s) to buy back AXA shares on its behalf. The price per share to be paid by AXA will be determined on the basis of the daily volume-weighted average share price over the purchase period, and will not exceed the maximum purchase price approved by the Annual Shareholders’ Meeting of April 26, 2017.
The size of the program is based on the maximum number of shares expected to be delivered or issued, both in the current year and in future years, under certain share-based compensation schemes already granted.