Vinci Partners Investments Ltd. (VINP) announces the purchase of shares in the amount of R$ 60 million
Vinci Partners Investments Ltd. (VINP) (“Vinci Partners, the “Company”, “we”, “us” or “our”), the holding company of the leading alternative investment platform in Brazil, announced today that its board of directors has approved a share buyback plan and a plan share repurchases to repurchase up to R$60.0 million of the Company’s Class A common stock in both plans.These plans have been approved to replace the repurchase and share repurchase plans approved by our board of directors on June 15, 2022 (the “Legacy Plans”), which should expire on the date the redemption limit of R$60.0 million set accordingly is reached.
The new redemption and repurchase plans will commence with the expiration date of the legacy plans and will not have specific expiration dates (except when the redemption limit of R$60.0 million is reached). Vinci Partners expects to fund the acquisitions with existing cash balances arising from its distribution of profits, which is not expected to have a material impact on capital levels. In making the announcement, Vinci Partners CEO and Director Alessandro Horta said: “We are committed to delivering shareholder value, and these buyback plan approvals reflect management’s confidence in our current prospects and long-term growth. We believe these plans represent an opportunity to deploy cash from our results in a way that will benefit our shareholders.”
Pursuant to the share repurchase plan, repurchases may be made from time to time in the open market and negotiated purchases, after the plan becomes effective, in accordance with SEC Rule 10b-18. Specific prices, number of shares and timing of purchase and sale transactions will be determined by the Company from time to time at its sole discretion. Pursuant to the share repurchase plan, repurchases will be made through a broker acting as agent for the Company, from time to time in the open market and by purchase agreement, and in accordance with SEC Rule 10b5-1(c)(1) (i) ( B). In each case, redemptions are subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. The plans do not obligate the Company or any agent to acquire any specified amount of Class A common stock and may be suspended or terminated at any time.
The company had 40,456,206 issued ordinary shares of class A that were in circulation on February 13, 2023.